On June 5, stablecoin issuer Circle successfully went public on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL." On its first day, the stock price soared from the issue price of $31 to $83.23, an increase of 168%, with the company's market capitalization surpassing $18.3 billion, making it the second-largest publicly listed crypto company after Coinbase. The IPO raised approximately $1.1 billion, with underwriters including Wall Street giants such as JPMorgan, Goldman Sachs, and Citigroup, highlighting traditional finance's keen interest in the stablecoin sector.
Circle's successful listing is not only a milestone in its own development but also signifies the entry of the stablecoin market into the mainstream financial system. USDC, the stablecoin issued by Circle, currently has a market capitalization of about $61.5 billion, making it the second-largest stablecoin globally, after Tether (USDT). Since its launch in 2018, USDC has supported over $25 trillion in on-chain transactions, with a trading volume of $6 trillion in the first quarter of 2025, demonstrating its widespread application in global payments and financial services.
Circle's listing has also benefited from positive changes in the U.S. regulatory environment. With the support of President Trump, the U.S. government has promoted several policies favorable to the development of cryptocurrencies. Among them, the "U.S. Stablecoin Innovation and Regulation Act" (GENIUS Act) and the "Stablecoin Transparency and Accountability Act" (STABLE Act) are currently under congressional review, aiming to establish a clear regulatory framework for stablecoins, including requirements for 1:1 reserve backing, issuer licensing, and regular audits. Additionally, the U.S. Securities and Exchange Commission (SEC) has clarified that qualified dollar stablecoins are not considered securities, providing greater certainty for the legitimate use of stablecoins.
Globally, stablecoin regulation is also advancing rapidly. The European Union's "Markets in Crypto-Assets Regulation" (MiCA) will take effect in December 2024, requiring stablecoin issuers to obtain electronic money institution (EMI) licenses and hold equivalent liquid assets as reserves. This regulation also prohibits algorithmic stablecoins, leading to the delisting of non-compliant stablecoins like Tether (USDT) from the EU market. In contrast, compliant stablecoins like USDC continue to circulate in the EU market.
The UK also plans to launch a comprehensive cryptocurrency regulatory framework in early 2025, focusing on stablecoins and staking services. The UK Treasury has stated that fiat-backed stablecoins must be fully supported by fiat currency reserves and may revise payment legislation to promote the use of stablecoins in retail payments. Furthermore, the UK's Financial Conduct Authority (FCA) and the Bank of England are studying the role of stablecoins in systemic payment systems to ensure financial stability and consumer protection.
Regulatory attitudes in Asia vary. Singapore has implemented stablecoin regulation under the "Payment Services Act," requiring issuers holding over 5 million Singapore dollars in stablecoins to obtain a license. Hong Kong has also proposed a draft "Stablecoin Bill" in December 2024, aiming for passage in early 2025 to establish a comprehensive regulatory framework. This bill requires stablecoin issuers to obtain licenses and meet various requirements related to financial resources, reserve asset management, redemption, and anti-money laundering.
Circle's successful listing not only enhances its market position but also injects confidence into the entire stablecoin industry. As global regulatory frameworks gradually clarify, stablecoins, as a bridge connecting traditional finance and the crypto world, will play an increasingly important role in global payments, cross-border transactions, and financial innovation. In the future, with the launch of more compliant stablecoins and the expansion of application scenarios, the stablecoin market is expected to welcome broader development opportunities.
Related: Venture Capital Firms: Bitcoin (BTC) Reserves and Stablecoin Regulation Will Be Important Catalysts for the Market in 2025
Original article: “Circle's NYSE Debut Sparks Stablecoin Boom Amid Global Regulatory Shift”
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