Circle’s market capitalization has eclipsed the total supply of its own USDC stablecoin, reaching $63.89 billion compared to USDC’s circulating supply of $61.68 billion. This unprecedented valuation differential follows Circle’s highly successful public listing on the New York Stock Exchange.
The company’s stock (CRCL) has experienced a remarkable 800% surge since its initial public offering (IPO), closing at $263.45. This elevated market valuation positions Circle above prominent fintech players such as Robinhood and Nubank.
Underpinning this growth, USDC’s circulating supply surged by 40% this year, climbing from $43.67 billion to exceed $61.32 billion. This expansion underscores heightened demand for fiat-backed stablecoins within digital finance.
Amidst this success, internal challenges surfaced, including up to $3 billion in unrealized stock gains among employees due to restrictive equity structures. Concerns regarding Circle’s close operational integration with crypto exchange Coinbase have also been noted.
The broader market trend termed ‘Stablecoin Summer’ highlights USDC’s expanding role in decentralized finance, cross-border payments, and real-world asset tokenization. Reflecting this growth strategy, Circle recently expanded USDC availability to the XRP Ledger to improve liquidity and utility across different blockchain networks.