Circle’s 750% Surge Heats Up Debate Over Stablecoin Payments
Traders work on the floor of the New York Stock Exchange (NYSE) during the Circle IPO in New York.
Photographer: Michael Nagle/BloombergTakeaways by Bloomberg AI
A surge in shares of Circle Internet Group Inc., lifted by a wave of optimism about US stablecoins, has investors and market-watchers alike wondering just how much upside could be left in the near-term for the newly publicly-traded company.
The blistering rally started on the first day of trading for the company behind USDC, the second-largest stablecoin by market share, when the stock jumped 168% from its initial public offering price of $31. Since its debut on June 5, the stock has continued to march higher, with shares gaining 9.6% Monday to close at $263.45 — yet another record high. Shares fell as much as 8.1% Tuesday, pausing the advance.