Crypto enthusiasts will be watching the stock market Thursday as the US-based issuer of one of most popular cryptocurrencies makes its debut on the New York Stock Exchange.
Circle Internet Group issues USDC, a stablecoin that can be traded at a one-to-one ratio for US dollars, and EURC, which can similarly be traded for euros.
Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like US dollars or gold. That makes them a much more reliable means of conducting commercial transactions than other forms of crypto.
Interest in Circle’s initial public offering is high. The company’s underwriters priced the offering at $31 per share Wednesday, up from an expected price of $27 to $28. The number of shares being sold was raised to 34 million from 32 million. Circle will trade on the NYSE under the symbol “CRCL.” The shares had not opened for trading as of midday.
The dominant player in the stablecoin field is El Salvador-based Tether, which has the stablecoin known as USDT that currently has about $150 billion in circulation. USDC is the second most popular stablecoin market cap, with about $60 billion in circulation.
Circle said in a regulatory filing that USDC has been used for more than “$25 trillion in onchain transactions” since its launch in 2018.
Revenue-wise the company has seen tremendous growth, going from just $15 million in 2020 to $1.7 billion in 2024.
Allaire launched Circle in Boston in 2013 alongside software developer Sean Neville, who worked with Allaire at his first two startups: Allaire Corp., a web software firm that was acquired in a $360 million deal in 2001, and Brightcove, a video-storage firm that went public in 2012 and was acquired by an Italian app developer earlier this year for $233 million. Last year, Circle announced it would be moving its headquarters to New York City, joining the larger crypto scene there.
Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. Circle said USDC is backed by “cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks.”
Circle’s IPO comes amid a push by the Trump administration and the crypto industry to pass legislation that would regulate how stablecoin issuers operate in the US. A Senate bill advanced last month with bipartisan support.
There is also growing competition in the stablecoin field. A crypto enterprise partly owned by the Trump family just launched its own stablecoin, USD1.
Circle said its long track record and values – the company says its mission statement is “to raise global economic prosperity through the frictionless exchange of value” – will help it stand apart in the field.
Dana Gerber of the Globe staff contributed to this report.
