While Bitcoin, the leading cryptocurrency in the market, has been sluggish, Circle, a stablecoin issuer, continues to show strength on the New York Stock Exchange. Its stock price has surged nearly 8-fold in just 17 days since listing, emerging as a new 'crypto leading stock'.
According to Coinbase, a US cryptocurrency exchange, on the 20th (local time), Bitcoin was trading at $103,617, down 0.81% from the previous day. Major cryptocurrencies such as Ethereum (-3.38%, $2,432) and Ripple (-1.42%, $2.14) also showed weakness. This is interpreted as investor sentiment being dampened by heightened tensions between Israel and Iran and the Federal Reserve's delayed interest rate cut.
In contrast, expectations for the stablecoin market are rising. On this day, Circle's stock price, the issuer of USDC, closed at $240.28 on the New York Stock Exchange, a 20.39% surge from the previous day. This is a nearly 675% increase since its initial public offering at $31 just 17 days ago. The stock price jumped 168% on its first day of listing and quickly surpassed $100 the next day, then reached the $200 level, drawing investors' attention. Currently, Circle's market capitalization is around $58.2 billion (approximately 79.9 trillion won).
Stablecoins are cryptocurrencies designed to minimize price volatility by pegging their value to legal tender like the US dollar or physical assets. Particularly, USDC is notable for being backed mostly by US Treasury bonds, having high regulatory credibility, and being recognized as a global payment and fund management tool due to its fast remittance and settlement capabilities.
The recently passed stablecoin regulation bill in the US Senate, the 'GENIUS Act', is also stimulating investment sentiment. The bill clearly defines issuance conditions and reserve requirements, signaling the full integration of stablecoins into the institutional framework. This has raised expectations for explosive growth in the US stablecoin market within a regulatory structure.
USDC, issued by Circle, currently holds a 23% market share in the global stablecoin market, ranking second after Tether (USDT, 67%). Some analysts note that "while Bitcoin's profitability is declining, stablecoin-related companies are emerging as a new growth axis" and that "Circle's advance is a signal heralding the digital dollar era".
