USDC Issuer Circle Makes NYSE IPO Debut: Will It Pay Off? AllinCrypto June 6, 2025
USDC issuer Circle had one of the most successful crypto IPOs, with the stock surging over 167%+ after opening.
Circle’s CRCL stock debuted on the New York Stock Exchange on June 5 at $69, higher than its projected opening of $31 per share.
At the same time, Ripple CEO Brad Garlinghouse has denied rumours that Ripple is actively trying to buy out Circle along with Coinbase. Circle’s IPO marks the importance of stablecoins in bridging TradFi, but how will payment tokens like Ripple navigate banking demands?
Stablecoin issuer Circle’s $CRCL IPO smashes expectations
Stablecoin issuer Circle has debuted on the NYSE under CRCL. As issuers of the USDC token, now at a $61 billion market capitalization.
Circle’s IPO reached $1.1 billion in expanded offerings, with Circle selling 34 million shares at $31 per share, higher than their original $896 million target.
Institutional demand for Circle was shown as a 167%+ surge on opening, with the CRCL stock reaching an all-time high of $103.75 before falling down to $87.71 prior to market close.
According to Bloomberg, institutional demand for Circle’s stock was so high that the CRCL offering was x25 oversubscribed.
Circle’s debut has solidified the USDC stablecoin as a token that may be the first to be adopted by banks and governments as the US seeks to pass the GENIUS Act, allowing for stablecoins to be integrated fully into the US economy.
For Scott Bessent, stablecoins can unlock trillions in value for US treasuries and contribute to settling US debts.
The USDC token can act as an alternative US dollar on a global, digital scale, with Circle bringing in billions in real-world asset value to networks like Stellar Lumens, Ethereum, and Aptos, according to data from RWA.xyz.
Stablecoin market value in the billions with US gov expecting trillions
Following Circle’s debut, the total stablecoin value onchain reached $236.68 billion, up 2.61% over the last 30 days. Ethereum, Solana, Stellar Lumens, and Aptos are leading layer 1’s right now, settling the most USDC in the millions.
Within 2025, Circle aims to launch the Circle Payment Network, a real rival to Ripple Payments. Instead of banks having to use the XRP token for cross-border transactions, banks can connect to Circle’s network and utilize 1:1 backed USDC tokens and send them internationally with redemptions in USD.
Ripple’s RLUSD token will be integrated fully into Hidden Road. For cross-border payments, there is a chance that Ripple may pivot to stronger RLUSD implementations on Ripple Payments with institutional partners.
Once the GENIUS Act is passed into law, stablecoin adoption, especially for Circle’s USDC, may skyrocket as banks, including Santander and JPMorgan, see the benefits of stablecoins on a large scale.
The post USDC Issuer Circle Makes NYSE IPO Debut: Will It Pay Off? first appeared on AllinCrypto.
