Circle Stock Surges 168% in Blockbuster NYSE Debut as Stablecoin Giant Goes Public

Circle Internet Financial (NYSE: CRCL), the company behind the world's second-largest stablecoin USDC, delivered a spectacular public market debut Thursday, with shares soaring 168% to close at $83.23 after pricing its initial public offering at $31 per share. CRCL is currently trading after-hours at $87.71, or 5.38% up.

The stablecoin giant's first day as a public company saw explosive trading activity, with 47.1 million shares changing hands as the stock swung between a daily high of $103.75 and low of $66.60. The dramatic price action pushed Circle's market capitalization to $16.7 billion by the closing bell, a remarkable turnaround for a company that had priced its IPO below its previous private market valuation.

Circle's successful flotation represents the largest crypto-related public listing since Coinbase's 2021 debut and marks a watershed moment for the stablecoin sector. The Boston-based company raised $1.05 billion in an upsized offering that comes three years after a failed attempt to go public through a $9 billion SPAC transaction that collapsed in 2022.

"I am incredibly proud and thrilled to share that Circle is now a public company listed on the New York Stock Exchange," CEO and co-founder Jeremy Allaire said in a social media post following the debut. The 53-year-old executive, who previously co-founded streaming technology company Brightcove, emphasized that the public listing represents "just the starting" of realizing the company's vision after more than a decade of building.

Founded in 2013 by Allaire and Sean Neville, Circle has emerged as a dominant force in the stablecoin market through its dollar-pegged USDC token, which maintains its value by backing each digital token with traditional assets like cash and government securities. The company also issues EURC, a euro-denominated stablecoin, as it expands beyond the U.S. market.

The timing of Circle's public debut capitalizes on renewed optimism surrounding digital assets, with the crypto industry experiencing a resurgence following supportive regulatory developments and the Trump administration's embrace of blockchain technology. Wall Street analysts increasingly view stablecoins as the next multi-trillion-dollar market opportunity, with applications extending beyond cryptocurrency trading to mainstream digital payments.

Circle's IPO success is likely to encourage other crypto companies considering public listings, as the sector benefits from rising token prices and a more favorable regulatory environment. The company's transformation from a private entity valued at $7.7 billion to a public company worth nearly $17 billion in a single trading session highlights the market's appetite for established crypto businesses with proven revenue models.

For Allaire, who described the company's mission as raising "global economic prosperity through the frictionless exchange of value," Thursday's NYSE listing represents a crucial milestone in a multi-decade vision to rebuild the global financial system on internet-native infrastructure.