CRCL stock debuts with upsized offering as Wall Street embraces stablecoin leader Circle and eyes USDC growth potential
Circle Internet Financial, the issuer behind the world’s second-largest stablecoin, USDC, is officially making its Wall Street debut.
The company priced its long-awaited IPO on Thursday, setting a fully diluted valuation of up to $7.2 billion, as strong investor demand prompted an upsized offering — a bold bet on the future of digital finance.
The IPO marks the first major public listing from a crypto-native company since Coinbase’s 2021 debut, and signals growing confidence among both retail and institutional investors in blockchain-based financial infrastructure.
Trading under the ticker CRCL, Circle’s stock enters the public markets during a resurgence in digital asset interest, especially in stablecoins backed by traditional fiat currency.
From Private Markets to Wall Street
Originally attempting to go public via a SPAC in 2022, Circle has now taken the traditional IPO route after carefully preparing its financials and operations for public scrutiny.
The company, based in New York, raised up to $896 million by offering 32 million shares at $27–$28 each — a notable increase from its initial target of 24 million shares at $24–$26.
“This IPO has been years in the making,” said Brianne Lynch, head of market insight at EquityZen. “Circle timed it perfectly, capitalizing on renewed crypto momentum, a more stable regulatory environment, and growing legislative focus on legitimizing stablecoins in the U.S.”
Notably, hundreds of accredited investors had already backed Circle in the private markets through platforms like EquityZen, reflecting early faith in the company’s long-term growth trajectory.
A Bet on Stablecoins in a Volatile Market
Circle’s USDC token — pegged 1:1 with the U.S. dollar — plays a critical role in crypto trading, decentralized finance (DeFi), and cross-border payments.
With over $28 billion in circulation, USDC is second only to Tether’s USDT, but is widely considered to be more transparent due to Circle’s U.S.-regulated reserves and audits.
Revenue for Circle has been driven largely by interest income from U.S. Treasuries backing USDC reserves. In Q1 2025, reserve income surged 55% year-over-year to $557.9 million, thanks to higher interest rates. However, rising distribution and transaction costs — up 68.2% — reflect the growing scale and complexity of Circle’s operations.
Despite the expenses, investors are optimistic that the IPO will provide Circle with the capital and visibility to expand further — especially amid pending U.S. legislation that could create clearer rules for stablecoins.
Political Winds May Favor Crypto
The broader crypto sector has seen a wave of optimism following former President Donald Trump’s recent pledges for pro-crypto regulation if re-elected.
While some projects linked to Trump, including meme coins, have raised ethical and volatility concerns, analysts note that Circle’s dollar-backed stablecoin model is a separate and more robust category of digital finance.
“Circle’s business case isn’t built on hype,” said Michael Ashley Schulman, Chief Investment Officer at Running Point Capital. “Their revenue model is tied to interest-bearing reserves and real-world use cases in payments and financial infrastructure.”
What’s Next for CRCL Stock?
The Circle IPO also contributes to a broader trend of tech and crypto-adjacent firms entering public markets this summer. With market volatility currently low, IPO activity has picked up, with names like Chime, Omada Health, and StubHub also preparing listings.
Circle’s strong debut could pave the way for other digital finance firms — particularly those with real revenue and regulatory alignment — to consider public offerings in the near future.
As Circle stock begins trading, all eyes will be on CRCL’s price performance in the coming days and weeks. If investor sentiment holds, the IPO could mark not just a win for Circle, but a signal that the next chapter of crypto’s mainstream adoption is officially underway.