Circle's IPO on the NYSE: A Milestone Event for the Stablecoin Market

The issuer of the world's second largest stablecoin USDC, Circle, officially listed on the New York Stock Exchange last Thursday. The first day of trading was impressive, opening at $31 and closing with an increase of 168.48%, ending at $83.23, with a market capitalization exceeding $18.5 billion. The next day, the stock price continued to rise by nearly 30%, further solidifying its position in the financial market.

The total scale of the global stablecoin market has surpassed $250 billion, with the two major stablecoins, USDT and USDC, accounting for 86% of the market share. This data also explains why Circle frequently adjusted its opening pricing strategy before going public, as the market enthusiasm is clearly far beyond expectations.

The listing of Circle has not only made the concept of "stablecoin" a hot topic in the financial sector but has also allowed more traditional financial practitioners to recognize the value and potential of stablecoins. At the same time, the government of the Hong Kong Special Administrative Region has announced that it will officially implement the "Stablecoin Ordinance" on August 1, 2025, and the United States' GENIUS stablecoin bill is also in the process of being formulated. These initiatives further promote the status of stablecoins in the global financial market.

If we turn back the clock four years, we would find that another giant in the cryptocurrency industry also experienced a similar listing process at that time. As the largest cryptocurrency trading platform in the United States, it successfully went public on NASDAQ, with its stock price reaching as high as $429 on the first day of trading, giving it a market capitalization of over $112 billion, which brought considerable returns to early investors. Although it subsequently went through a period of adjustment, its listing undoubtedly opened the door to the emerging financial sector in traditional financial markets, laying the foundation for the subsequent development of Bitcoin ETFs and various reserve assets.

Similarly, Circle's listing is significant. It not only brings the concept of stablecoins into the mainstream financial view but also gains recognition from some traditional capital. Through the listing, Circle demonstrates its financial strength and company transparency, which are crucial for the long-term development of the stablecoin industry. As Circle's co-founder stated, this IPO will bring more trust, compliance, and transparency to the company's regulated stablecoin network, and will help establish partnerships with other financial institutions.

Although the development direction of stablecoins may deviate from the decentralized currency concept originally proposed by Satoshi Nakamoto, it has indeed achieved a certain level of popularization of digital payments. According to the latest report from a well-known venture capital firm, the trading volume of stablecoins reached $33 trillion in the past 12 months, continuously setting historical highs, over 20 times the trading volume of PayPal and nearly 3 times that of Visa.

Although the current stablecoin market size is relatively small compared to the traditional payment market, it is expected that stablecoins will become a market exceeding one trillion dollars in the next 3-5 years. Circle's IPO can be seen as an important milestone in the development of the stablecoin industry, bringing more attention and recognition to this field.

For investors and entrepreneurs, the stablecoin market holds tremendous opportunities. Whether as participants in financial innovation or as service providers, there is vast room for development in this field. With the gradual clarification of the regulatory environment and the continuous maturation of the market, stablecoins may become a key factor in promoting the adoption of cryptocurrencies and blockchain technology.