Circle Goes Public: USDC Stablecoin Issuer Debuts on the New York Stock Exchange

Wall Street just got a little more digital.

On Thursday, all eyes in the crypto world turned to the New York Stock Exchange as Circle Internet Financial, the company behind one of the most widely used stablecoins, officially made its market debut. The U.S.-based firm, best known for issuing USDC, is now trading under the ticker symbol CRCL.

What Is Circle and Why Does It Matter?

Circle is the issuer of USDC, a stablecoin pegged one-to-one to the U.S. dollar, and EURC, which is pegged to the euro. Unlike volatile cryptocurrencies like Bitcoin or Ethereum, stablecoins are designed for stability and reliability, backed by real-world assets such as cash and U.S. Treasury securities.

With more than $60 billion in USDC circulation and over $25 trillion in on-chain transactions since its launch in 2018, Circle has carved out a serious space in the stablecoin ecosystem.

While Tether (USDT)—issued by a company based in El Salvador—remains the dominant stablecoin with approximately $150 billion in circulation, Circle is a strong runner-up, and its IPO marks a significant moment for the broader crypto economy.

IPO Buzz and Big Numbers

Investor enthusiasm was evident ahead of Thursday’s launch. Circle’s underwriters bumped the IPO price to $31 per share, above the previously expected range of $27 to $28. They also increased the number of shares offered from 32 million to 34 million, reflecting high demand.

That optimism may be well-founded: Circle’s revenue skyrocketed from $15 million in 2020 to a staggering $1.7 billion in 2024.

How does Circle make money? Through the interest on reserves held to back USDC—things like cash, short-term U.S. Treasuries, and overnight repurchase agreements with major global banks.

A Spotlight on Regulation and Rivals

Circle’s NYSE debut isn’t just a financial milestone—it comes at a politically charged moment. There’s growing momentum in Washington to regulate the stablecoin industry. A Senate bill that would establish clearer rules for issuers recently advanced with bipartisan support, signaling that some form of federal oversight may be on the way.

At the same time, new players are entering the field, including USD1, a stablecoin launched by a crypto venture partially owned by the Trump family.

What Sets Circle Apart?

Amid the noise, Circle is positioning itself as the stablecoin company with staying power. In regulatory filings, it emphasizes transparency and long-term vision, stating its mission as:

“To raise global economic prosperity through the frictionless exchange of value.”

Time will tell how investors and regulators respond, but Circle’s stock market debut is already being seen as a major milestone—not just for the company, but for the future of crypto-financed commerce.