Circle Prices Its Shares at US$31 Ahead of Thursday's NYSE Listing. They Opened at US$69, Hitting US$83.23 by the Close

In a sign of investor demand, they opened on the New York Stock Exchange (NYSE) on Thursday at US$69, and by the close of the day, they had hit US$83.23.

In an event that has set the stage for a new chapter in cryptocurrency, Circle, the renowned issuer of USD Coin (USDC), made a successful debut on the New York Stock Exchange (NYSE) on Thursday.

Following a closely watched pricing of its shares at US$31 on Wednesday evening, the company’s stock opened on Thursday at US$69. As the market activity unfolded throughout the day, Circle’s shares continued their ascent, eventually closing at US$83.23.

However, the trading action didn’t cease there. In a testament to the investor enthusiasm, Circle’s shares kept rising in after-hours trading, eventually hitting the triple digits and trading at US$103.50 at the time of writing.

This successful IPO marks the first major crypto company listing in the U.S. since Coinbase (NASDAQ:) arrived on the scene in 2021. With regulatory clarity improving, and given the robust revenue streams generated by these firms, analysts are now turning their attention to companies like Kraken and Gemini as potential candidates for public equities listings.

At the heart of Circle’s valuation surge is its flagship product, USD Coin (USDC), a fiat-collateralized stablecoin that currently boasts a market cap of US$61 billion. In addition to issuing a variety of non-USD stablecoins, Circle has also developed broader payments infrastructure, further cementing its role in the evolving digital finance landscape.

Stablecoins are cryptocurrencies that are pegged to real-world assets like fiat or commodities. They provide price stability, ease of cross-border transfers, and are increasingly integrated into everyday finance.

In another interesting development, major technology firms are exploring the integration of stablecoins into their platforms. Apple (NASDAQ:) has reportedly been in discussions since January regarding the inclusion of stablecoins in its Apple Pay ecosystem.

Moreover, social media and payments platform X is planning to introduce stablecoin support in the coming months through a partnership with Stripe.

Back in February, Stripe completed the acquisition of Bridge, a stablecoin infrastructure platform established in 2022 by former Coinbase executives Zach Abrams and Sean Yu. Bridge specializes in providing APIs for issuing, storing, and managing stablecoins, an addition that will likely strengthen Stripe’s future offerings in crypto-native payments.

While the U.S. Securities and Exchange Commission (SEC) has been busy shutting down crypto startups, a startup focused on stablecoins and blockchain technology has earned approval to go public.