Shares in Circle Internet Group (NYSE: CRCL), the issuer of the USDC stablecoin, surged to an unprecedented high on Monday, continuing its remarkable ascent following its early-June IPO. The stock jumped as much as 22% in intraday trading, briefly touching about $299, before retreating slightly to close near $263—a gain of roughly 9% on the session. Since debuting at $31 in early June, CRCL has rocketed approximately 750%, pushing its market cap to around $60–62 billion, nearly matching the total circulating supply of USDC at roughly $61 billion.
That meteoric rise places Circle within striking range of long-established players such as Coinbase (around $78 billion), Robinhood ($68 billion), Nubank ($59 billion), and Block (about $38 billion). For crypto-focused investors, this performance underscores the scarcity of pure-play public stablecoin issuers and growing appetite for regulated digital-asset exposure.
At the heart of the rally is mounting optimism over stablecoin regulation. Notably, the U.S. Senate this month passed the GENIUS Act, aiming to formalize how stablecoins like USDC must be backed and monitored—a move viewed as legitimizing the space and setting it on a path toward potential multi‑trillion-dollar scale. Over in traditional finance, Fiserv even announced integration efforts with Circle to offer stablecoin services to under‑banked U.S. institutions.
Yet, some analysts are urging caution. Circle’s valuation metrics are currently stellar—trading at roughly 32× revenue, 80× gross profit, 152× EBITDA, and a striking 285× current earnings . And as Jon Ma of Artemis noted, “Not a lot of upside in the current model,” raising concerns that the stock’s current price may have already baked in much of its foreseeable growth.
Still, supporters point to deeper catalysts. Seaport Research Partners, among others, highlighted Circle’s robust Q1 earnings, with revenues ballooning over 50% year-over-year, and projected 25–30% growth next year. They also emphasize Circle’s strategic moves—with Circle Payments Network, compelling institutional partnerships (Visa, Mastercard, BlackRock), and broad USDC adoption across DeFi, exchanges, payments infrastructure, and cross-border transfers.
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