The issuer, headquartered in one of the most popular cryptocurrencies in the United States, made his debut on the New York Stock Exchange on Thursday and quickly saw a keen interest from crypto enthusiasts and investors, whose value soared.

Circle Internet Group issues USDC, a Stablecoin that can be traded at a 1-to-1 dollar ratio, while EURC can be traded at a price of Euro.

Stablecoins are a fast-growing corner of the cryptocurrency industry that prevents volatility buffers as they are pegged to real-world assets such as the US dollar or gold. This makes them more reliable in commercial transactions than other forms of cryptocurrencies.

Interest in Circle's IPO is high. The company's underwriters sold for $31 per share on Wednesday, ranging from the expected range of $27 to $28. The number of shares sold increased from 32 million shares to 34 million. Circle is listed under New York Securities "CRCL".

The stock price rose above $96 at some point Thursday afternoon and closed at $83.23. Circle's IPO is one of the largest public listings of a crypto-related company since Exchange Coinbase went public in 2021.

The main player in the Stablecoin space is El Salvador-based Tether, which has Stablecoin called USDT and currently has an issuance of approximately $150 billion. USDC is the second most popular Stablecoin market capitalization with an issuance of approximately $60 billion.

Circle said in a regulatory filing that USDC has used more than $25 trillion of Onchain Transactions since its launch in 2018.

In terms of revenue, the company has grown enormously, from $15 million in 2020 to $1.7 billion in 2024.

Stablecoin issuers make profits by collecting interest on their assets they hold to back their stablecoins. Circle said USDC’s support was “a overnight Treasury repurchase agreement with leading global banks.”

Driven by the Trump administration and the cryptocurrency industry, Circle's IPO passed legislation that would provide Stablecoin issuers with support from the U.S. Senate in the U.S. Senate last month and proposed a bill with bipartisan support.

Competition in the Stablecoin field is also growing. A crypto company owned by the Trump family has just launched its own Stablecoin USD1.

Circle said its long-term record and values ​​– the company said its mission statement is “to boost global economic prosperity through frictionless exchange of value” – will help it stand out in the field.