Stablecoin USDC issuer Circle rose 168% on its first day of listing on the U.S. stock market, drawing market attention. This listing is interpreted as a signal of full integration between virtual assets and traditional finance.
On the 6th (local time), Circle closed its first trading day at $83.23. This is 168.48% higher than its initial public offering price of $31, with Circle's market capitalization soaring to $16.6 billion (approximately 22.5 trillion won) in an instant. This significantly exceeded the initial target of $6.8 billion.
Demand was explosive even before the listing. Circle adjusted its IPO price up to 30% from the original plan and increased the number of public shares from 24 million to 34 million, a 40% increase. Accordingly, the fundraising amount reached $1.05 billion, more than 50% higher than the originally planned $624 million. Major investment banks such as JP Morgan, Citigroup, and Goldman Sachs were the lead underwriters.
Circle is the issuer of USDC, the world's second-largest stablecoin, with a current market share of about 27%. Tether (USDT) ranks first with a market share of about 67%. USDC is a digital asset pegged 1:1 to the U.S. dollar, with low volatility and transparent reserve management, gaining the trust of financial institutions and regulatory authorities.
The recent trend of acceptance of stablecoins in U.S. political circles also positively influenced Circle's listing. Former President Trump has suggested easing virtual asset regulations, and the U.S. Congress is likely to pass a stablecoin-related bill in August.
Securities firm JMP Citizens forecasts that the stablecoin market could grow to $3 trillion within the next five years. Circle's successful listing demonstrates that stablecoins are becoming a core technology of global financial infrastructure, beyond just a payment method.
