Circle Listing: A Milestone Event in the Stablecoin Market

Last Thursday evening, the issuer of USDC, the world's second-largest stablecoin, officially listed on the New York Stock Exchange. The issue price was $31 per share, and on its first day of trading, it closed at $83.23, a rise of 168.48%, with a market capitalization exceeding $18.5 billion. The next day, the stock price continued to rise by nearly 30%.

The total market value of stablecoins worldwide has exceeded $250 billion, with USDT and USDC together accounting for 86% of the market share. This also explains why the company has adjusted its opening pricing multiple times on the eve of its IPO, as the market response far exceeded expectations.

This listing has caused the "stablecoin" concept to dominate financial headlines for several consecutive days, and it has also led more traditional financial practitioners to re-recognize the value of stablecoins. Meanwhile, the Hong Kong SAR government officially announced that the "Stablecoin Ordinance" will be implemented on August 1, 2025, and the U.S. GENIUS Stablecoin Bill is also progressing. Various signs indicate that stablecoins are gradually moving towards the mainstream.

Looking back at the bull market cycle four years ago, a large cryptocurrency exchange successfully landed on NASDAQ, with its market capitalization exceeding $112 billion on the first day of listing. Despite undergoing more than two years of adjustment afterward, this listing showcased the potential of the emerging financial market to the traditional financial market, paving the way for later Bitcoin ETFs and various reserve assets.

Similarly, the listing of this stablecoin issuer is of great significance. It has allowed a stablecoin that was previously recognized only by a select few to truly step into the "limelight" and gain favor from some traditional capital. Demonstrating financial strength and company transparency through the listing is crucial for the development of stablecoins.

The company's co-founder stated in an interview that the IPO will bring more trust, compliance, and transparency to its regulated stablecoin network and help establish partnerships with other financial institutions.

A well-known venture capital institution's latest report indicates that the trading volume of stablecoins has reached 33 trillion USD in the past 12 months, continuously setting historical records, nearly 20 times that of a certain payment giant and nearly 3 times that of a certain credit card company.

Although the current stablecoin market size is not small, there is still significant room for growth compared to the traditional trillion-dollar payment market. In the next 3-5 years, stablecoins are expected to become a single trillion-dollar market.

This listing feels more like a small celebration to give stablecoins a "proper name," with the real drama just beginning after the celebration. As the most mature application in the crypto industry aside from trading, stablecoins may be the true stepping stone for bringing Web3/crypto applications into thousands of households.

For investors and entrepreneurs, this field holds immense opportunities. Making money work for you is always a good business, and even if one cannot be a creator of wealth, one can be a service provider in this domain. Everything is just beginning, with risks and opportunities coexisting.

In four years, what height will the market value of this company reach? Let's wait and see.