Circle Internet, a stablecoin issuer based in New York, United States, made a remarkable debut on the New York Stock Exchange on June 6, 2025. The company’s stock surged by 235% on opening day, giving it a fully diluted valuation of nearly $22.5 billion. Backed by major institutions like BlackRock and supported by underwriters including JPMorgan, Goldman Sachs, and Citigroup, Circle’s IPO marks the biggest crypto listing since Coinbase’s 2021 debut and signals renewed momentum for crypto-linked public offerings.
In a record-setting debut, Circle Internet, a leading stablecoin issuer headquartered in New York, launched its IPO on the New York Stock Exchange (NYSE), seeing its shares soar 235% to as high as $103.75 from its IPO price of $31. The dramatic surge valued the firm at nearly $22.5 billion on a fully diluted basis.
Circle is the issuer of USDC, the world’s second-largest stablecoin after Tether, with around $61 billion in circulation. Founded in 2013 by Jeremy Allaire and Sean Neville, Circle also offers a euro-denominated stablecoin called EURC. The company’s IPO represents the largest crypto-related listing since Coinbase’s 2021 debut and the first major IPO by a stablecoin issuer.
The IPO was led by major financial institutions including JPMorgan Chase & Co., Citigroup Inc., and Goldman Sachs Group Inc.. The offering included 34 million shares, upsized from 32 million, and priced at $31 per share—well above the initial range of $27 to $28.
Circle itself sold 14.8 million shares, while existing shareholders sold 19.2 million. The IPO generated $1.05 billion, and the demand reportedly exceeded available shares by 25 times.
Lynn Martin, President of NYSE Group, called the offering a “blowout deal,” underlining renewed interest in crypto-based public offerings amid a recovering IPO market.
BlackRock plays a crucial role in Circle’s stablecoin structure, managing a government money market fund that backs 90% of USDC reserves. According to Circle, the Circle Reserve Fund held $53.3 billion as of May 29, 2025. Additionally, ARK Investment Management, founded by Cathie Wood, expressed interest in buying up to $150 million of Circle’s IPO shares.
Circle had earlier attempted to go public through a $9 billion SPAC deal, which fell apart in 2022. The company’s IPO not only signals a revival in crypto market sentiment but also marks a major milestone for stablecoin-based financial services in the U.S.
The stock, which opened at $69, was temporarily halted several times during its NYSE debut due to excessive volatility but settled to reflect strong investor confidence in Circle’s business model and the future of regulated digital finance.
