Circle, the issuer of the USDC stablecoin, saw its stock, CRCL, surge dramatically during its recent IPO on the New York Stock Exchange. Initially priced at $31, the stock more than tripled on its first day of trading, closing at $82.84 before reaching a high of $123.51 the following day. This performance surpassed notable tech IPOs such as Airbnb and Robinhood, which had slower starts. Despite Circle's stock excitement, its market capitalization remains significantly lower than larger tech firms like Meta and Uber. Analysts credit the strong demand to interest in stablecoins, alongside the current lack of publicly traded competitors.
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