The stock price of Circle Internet Group (ticker CRCL), the company issuing the USDC stablecoin, continues to soar two weeks after its IPO.
At the end of Wednesday's trading session, CRCL reached a price of $199.59 – an increase of 33.8% from the opening price of $153.22. The stock also recorded a record trading volume of 63.5 million shares, according to Yahoo Finance, and continued to rise by an additional 6% in after-hours trading.
From the IPO listing price of $31 on 6/5, CRCL's stock has increased by approximately 530%. One possible reason could be the U.S. Senate's recent passage of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), aimed at establishing a legal framework for stablecoins. President Donald Trump also called on the House of Representatives to quickly pass this bill, stating: "Bring it to my desk as soon as possible."
This event also helped boost Coinbase's stock price by 16% on Wednesday.
CRCL's strong performance not only reflects investor confidence in stablecoins, a sector attracting the attention of major banks and tech companies, but also opens up positive prospects for other crypto companies like Gemini and Kraken — which are also considering IPOs in 2025.
Circle is the issuer of USDC, the second-largest USD-pegged stablecoin (after Tether's USDT), and the seventh-largest cryptocurrency by market capitalization, currently around $61.4 billion. According to The Block's data, USDC accounts for 25% of the total stablecoin supply in the market ($243 billion as of 6/19).
USDC is also expanding its applications: the XRP Ledger (linked to Ripple) has integrated USDC, and Coinbase Derivatives is expected to allow using USDC as collateral for futures contracts in the U.S. in 2026.
Interest in stablecoins is also spreading across the industry. Some large retailers like Walmart and Amazon are reportedly considering issuing their own stablecoins. Even the USD1 stablecoin issued by a DeFi project related to Trump was used in a record $2 billion investment deal from the Abu Dhabi fund into Binance, according to The Block.
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The article "Circle's Stock Approaches $200, Increases Over 500% Just Two Weeks After IPO" first appeared on CoinMoi.
