Circle Listing: A New Milestone for the Stablecoin Market

The issuer of the world's second-largest stablecoin USDC, Circle, went public on the New York Stock Exchange last Thursday evening. The first day of trading was impressive, with the stock price soaring by 168.48%, closing at $83.23, and a market capitalization exceeding $18.5 billion. The next day, the stock price continued to rise by nearly 30%.

The current global market value of stablecoins has exceeded $250 billion, with USDT and USDC together accounting for 86% of the market share. This also explains why Circle adjusted its opening price multiple times before going public, as market enthusiasm far exceeded expectations.

The listing of Circle has made the concept of "stablecoin" a hot topic in financial headlines, allowing more traditional finance practitioners to recognize the value of stablecoins. Meanwhile, the Hong Kong SAR government announced that the "Stablecoin Regulation" will officially come into effect on August 1, 2025, and the stablecoin bill in the United States is also being drafted, all of which further promote the popularity of stablecoins in the financial market.

Looking back four years ago, the largest cryptocurrency exchange in the United States, Coinbase, successfully went public on NASDAQ, with a market capitalization exceeding $112 billion on its first day of trading. Although it subsequently went through a period of adjustment, Coinbase's listing allowed traditional financial markets to see the potential of emerging financial markets, paving the way for later Bitcoin ETFs and various reserve assets.

Similarly, Circle's listing is highly significant. It officially brings stablecoins, which were previously recognized only by certain groups, into the mainstream financial spotlight and has garnered the favor of some traditional capital. Demonstrating financial strength and company transparency through the listing is crucial for the long-term development of stablecoins.

Circle co-founder Jeremy Allaire stated that the listing will bring more trust, compliance, and transparency to Circle's regulated stablecoin network and will help establish partnerships with other financial institutions.

Although stablecoins have deviated from Satoshi Nakamoto's original intention of decentralized currency to some extent, returning to institutional logic, they have drawn on blockchain technology and play an important role in the payments sector. According to reports, the trading volume of stablecoins has reached $33 trillion over the past 12 months, far exceeding traditional payment giants like PayPal and Visa.

Although the current stablecoin market size is already considerable, there is still huge growth potential compared to the traditional payment market. In the next 3-5 years, stablecoins are expected to reach a trillion-dollar market. Circle's IPO has brought a legitimizing effect to stablecoins and also marks that this market is about to enter a new stage of development.

As one of the most mature applications in the cryptocurrency industry aside from trading, stablecoins are likely to become a key driver in the popularization of Web3/blockchain technology. For investors and entrepreneurs, this field holds immense opportunities, but it also comes with risks. Whether as financial innovators or service providers, there is hope to find their place in this rapidly evolving market.