Circle Lists Publicly in the US, as Stablecoin-Mania Envelopes Fintech

On Wednesday last week, Circle priced its shares at US$31. In a sign of investor demand, they opened on the New York Stock Exchange (NYSE) on Thursday at US$69, and by the close of the day, they had hit US$83.23. As of writing, they are trading at US$103.50, reflecting intense investor enthusiasm.

The successful debut marks the first major crypto company IPO in the United States since Coinbase listed in 2021. Analysts are now eyeing companies like Kraken and Gemini as potential next movers into the public equities space.

At the heart of Circle’s valuation surge is its flagship product, USD Coin (USDC), a fiat-collateralized stablecoin currently boasting a market cap of US$61 billion. Circle has also issued a variety of non-USD stablecoins, underlining its ambition to become a foundational infrastructure provider for global digital finance.  Stablecoins are cryptocurrencies pegged to real-world assets like fiat or commodities. They have quietly become one of the most successful use cases of blockchain. They provide price stability, ease of cross-border transfers, and are increasingly integrated into everyday finance.

In parallel with Circle’s listing, major technology firms are exploring stablecoin integration. Apple has reportedly been in discussions since January to incorporate stablecoins into its Apple Pay ecosystem. Similarly, social media and payments platform X has engaged Stripe to enable stablecoin-powered transactions.

In February, Stripe finalized the acquisition of Bridge, a stablecoin infrastructure platform founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu. Bridge provides APIs to issue, store, and manage stablecoins, likely bolstering Stripe’s future offerings in crypto-native payments.

Circle’s IPO could serve as a bellwether for other crypto-native companies weighing the benefits of public markets. While many crypto firms traditionally raised capital via token offerings or venture rounds, the clarity and legitimacy of public listings may appeal to more mature players in the space.

Market watchers have pointed to U.S.-based exchanges Kraken and Gemini as potential candidates for IPOs, especially as regulatory clarity around stablecoins and digital asset custodians improves. Ripple Lads – which has long been a hot pic for an IPO, also has its own stablecoin RLUSD. 

Today, it was reported that Peter Thiel-backed cryptocurrency exchange Bullish has filed for a US initial public offering seeking to tap surging investor demand for digital assets under the Trump administration.

Importantly, Circle generates a vast portion of its revenue, around 99% in 2024, from interest on reserves. That gives it a banking-like profile, tethered to macroeconomic trends such as U.S. interest rates. 

Cryptocurrency exchanges like Kraken rely on diverse revenue streams, which makes their financial profile less like a traditional bank and more like a hybrid between fintech, brokerage, and infrastructure platforms. They, like Circle, are noted for their impressive revenues when successful.

Circle’s IPO isn’t an isolated phenomenon. Citi estimates the stablecoin market could scale to $1.6–$3.7 trillion by 2030, fueled by investment and M&A activity like Stripe’s $1.1 billion purchase of Bridge.

Moreover, Wall Street giants like JPMorgan, Goldman Sachs, and ARK Invest backed the IPO, highlighting institutional confidence. 

Analysts also suggest stablecoins may surpass traditional payment rails: annual transaction volume is estimated at $27.6 trillion, eclipsing Visa and Mastercard, a clear signal that the stablecoin narrative is rapidly moving mainstream. The U.S. government’s proactive stance on cryptocurrency regulation in 2025 has further bolstered market confidence in the crypto and stablecoin sector.