Circle goes public, surges more than 200% on NYSE debut

• Circle, stablecoin USDC issuer, announced that it has listed its stock on the NYSE under the ticker CRCL.
• CRCL began trading at $69 and has risen above $103, representing a 235% increase from its IPO price of $31.
• Prior to the listing, the company raised $1.1 billion in an upsized IPO offering on Wednesday.

Circle Internet Group (CRCL) surged over 230% on Thursday following its public offering and debut on the New York Stock Exchange (NYSE).

Circle goes live on NYSE under the ticker CRCL

Circle Internet Group, issuer of the USD Coin (USDC) stablecoin, announced its official listing on the NYSE under the ticker CRCL. CRCL began trading at $69 on Thursday, beating market expectations of $52 and surpassing its initial public offering (IPO) price of $31 per share. It briefly surged over 200%, reaching an intraday high of $103.75 before sliding toward $85 at the time of writing.

The company raised $1.1 billion from its IPO on Wednesday, selling 34 million shares and achieving a valuation of $6.9 billion before tripling in the public market. JPMorgan Chase, Citigroup and Goldman Sachs managed the offering.

Circle was founded in 2013 by Jeremy Allaire and Sean Neville and is headquartered in New York City. The company focuses on regulated, transparent stablecoins pegged directly to fiat currencies. It currently offers USDC, which is pegged to the US Dollar, and Euro Coin (EURC) pegged to the Euro.

It also became the first stablecoin issuer to obtain a Markets in Crypto Assets (MiCA) license in the European Union (EU), marking a key milestone in the company's regulatory operations. 

USDC is currently the second-largest stablecoin, with a market capitalization of $61 billion and a daily trading volume of $8.16 billion, according to CoinGecko data. 

The listing comes amid increasing demand for stablecoins and as US lawmakers seek to establish proper guidelines for regulating the digital asset class. 

The Senate is expected to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) bill, which will regulate stablecoin payment and usage. Republican Senator Cynthia Lummis hinted that the bill may pass as soon as next week during an interview with Bloomberg. 

The stablecoin bill, if passed, will become the first digital asset regulation to be signed into law.