Circle, the issuer of the USDC stablecoin, made a highly anticipated entrance onto the public market on Thursday, with its stock (CRCL) skyrocketing as much as 200% during trading.
Circle’s success is underpinned by its USDC stablecoin, which is dollar-backed and had approximately $60 billion in circulation at the end of the first quarter. The company reported a substantial revenue increase, totaling $578.6 million in the first three months of the year—a 58.5% rise compared to the previous year.
The company previously attempted to go public via a special purpose acquisition company (SPAC) in 2021 but ultimately abandoned those plans a year later.
Now, with the cryptocurrency markets experiencing a revitalization—partly fueled by the political landscape and rising Bitcoin prices—Circle’s IPO has arrived at a propitious time.
To every single person, project and firm who’s been part of this journey, thank you. I am humbled and deeply grateful. This is not only a moment for each of us personally, I believe it’s a significant moment in the future development of our global economic system as it inexorably synthesizes with the internet.
Despite Circle’s success, which is also a milestone for the broader cryptocurrency market, the digital asset market capitalization fell from $3.30 trillion to $3.12 trillion on Thursday.
Featured image from DALL-E, chart from TradingView.com
