Circle, the issuer of USDC, made a significant entrance on the New York Stock Exchange with its IPO, closing with a market cap of $18.4 billion after a strong debut. The company sold 34 million shares under the ticker CRCL at an IPO price of $31, experiencing a remarkable 168% surge to $83.23 by the end of the trading day. This valuation falls short compared to Coinbase's $85 billion during its direct listing but exceeds newer entrants like eToro and Fold. Despite the strong stock performance, the cryptocurrency market witnessed a downturn, with major coins like Bitcoin and Dogecoin declining amid broader economic concerns. CEO Jeremy Allaire emphasized the necessity of mainstream acceptance for crypto projects, highlighting the firm's role in the evolving regulatory landscape. Similar firms like Robinhood and eToro have also transitioned to public trading, yet Circle’s first-day performance stands out as the best among recent crypto listings, showcasing the growing interest in stablecoins. The debut aligns with a trend of increasing IPO activity within the crypto sector, buoyed by favorable regulatory frameworks in the U.S.

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