In June 2025, Circle Internet Group, the issuer of the USDC stablecoin, priced an upsized initial public offering at $31 per share, raising about $1.05 billion. Shares then soared roughly 168% on their New York Stock Exchange debut, opening at $69.
The listing made Circle one of the few pure-play crypto companies to go public in the US, joining Coinbase and bitcoin miners such as Mara Holdings and Riot Platforms.
Stablecoins step into the spotlight
The enthusiastic reception reflected growing investor conviction that regulated, fully reserved stablecoins are becoming core financial infrastructure, an argument reinforced weeks later when the GENIUS Act created a federal framework for the sector.
Public markets change the incentives
Listed status forces quarterly disclosure of reserve composition and interest income, which is more transparency than most issuers volunteer.
It also ties the business tightly to the rate cycle. A stablecoin issuer's revenue falls when rates fall, regardless of how much the token is used.
