Circle Stock Flips USDC Stablecoin In Market Cap

Circle Internet Group stock has now surpassed its own stablecoin, USDC, in market cap. Just 12 trading days after its initial public offering, Circle’s stock value has surged over 8X, with shares rising from an IPO price of $31 to over $254.

This sharp rise has pushed Circle’s market capitalization to approximately $62 billion, edging out USDC’s $60 billion market supply.

Circle IPO Gains Push Market Cap Above $62 Billion

Circle Internet Group entered the public market with an initial offering priced at $31 per share. On the first trading day, shares soared by 168%, which was the largest one-day increase for any IPO raising over $1 billion. Within two weeks, the stock price reached $254.53, representing a total rise of more than 8X from the IPO level.

At this elevated valuation, Circle’s market capitalization reached around $62 billion, surpassing the $60 billion market value of its stablecoin, USDC.

According to a report by Axios, Circle originally planned to price its shares between $26 and $28. However, due to investor demand, the company raised its IPO price range and eventually opened at $31. The dramatic increase has reignited public conversation around IPO pricing systems and whether current methods serve issuing companies efficiently.

Stablecoin Growth and Timing of Legislative Moves

Circle’s performance in public markets coincides with ongoing expansion in stablecoin markets. USDC has grown 90% year-on-year and remains a key part of the company’s operations. However, the equity valuation of Circle has now overtaken the circulating supply value of the stablecoin it manages.

Analysts have noted that Circle’s momentum was further supported by the passing of the stablecoin bill GENIUS Act. Prior to the stablecoin bill’s passage, Circle stock shares were trading near $150 however following the Senate vote, the price rose again hitting $250.  Although the bill still awaits approval from the House of Representatives, the early Senate vote added fresh momentum and Donald Trump’s readiness to sign the bill.

John Deaton, a crypto legal expert, noted the environment may favor similar firms like Ripple in the future.

“If Circle can reach a $75B cap, then Ripple, with nearly 40B XRP, could aim for $100B,” he said in an X post.