You know crypto is bringing its signature unpredictability to traditional finance when a stablecoin stock is paused for volatility twice in its first few minutes of trading.
Circle Internet Group debuted on the NYSE at $69.50 today, more than double its IPO price, which was already above its projected pricing—signaling that investors are welcoming crypto companies to the stock market with open arms. It closed at $82.84, jumping 167.23% in its first day of trading.
The stablecoin issuer's success isn't just the latest indicator of the crypto renaissance, but of an IPO comeback, too. A slew of tech firms, including Klarna and StubHub Health, were all geared up to go public this year—until President Trump’s trade war roiled markets and spooked IPO hopefuls.
But now, the pipeline is looking a little more full, with big debuts like fintech Chime arriving in a few days. Recent IPOs like CoreWeave and eToro are both in the green—in fact, shares of firms that have gone public in 2025 are up roughly 15%, outpacing the S&P 500’s 0.98% gain year to date.
Since when does Wall Street ♥️ crypto?
Circling back to today’s news: What’s a stablecoin, you may ask? In short, it’s a cryptocurrency that’s backed by the dollar. Circle’s stablecoin, USDC, has a market cap of $62 billion and is the second largest in the world.
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If you’re a crypto bull, Circle isn’t a bad bet: The company is profitable, its earnings have been rising, and as today demonstrated, demand for the stock is strong. But keep in mind Circle faces fierce competition, including from Tether, which issues USDT, the largest stablecoin on the market. Tether’s market cap dwarfs that of Circle’s at $158.8 billion.
That said, a rising tide lifts all boats. The White House has been bolstering the industry in every way it can, and as we speak, a stablecoin-focused bill is working its way through Congress. The legislation not only proposes a framework for regulating stablecoins, but if passed, it would open another door to legitimacy and mainstream adoption by Wall Street—which would be a boon to Circle’s business.
The big picture: The crypto industry has been on a roll the past few months, but if history teaches us anything, it’s that hype begets hype when it comes to crypto, and pessimism begets pessimism. The underlying value of a lot of these digital assets is hard to nail down, and when one domino falls…you get the rest.
Talk about a circular economy.—LB