Circle’s IPO Ignites Wall Street Frenzy — But Is History Repeating Itself?
Circle (CRCL), the issuer behind the USDC stablecoin, launched its long-awaited IPO on the New York Stock Exchange Thursday with a bang — shares opened at $69 and soared to as high as $104 before closing the day at $83, more than 160% above the $31 listing price.
The explosive debut capped years of IPO anticipation for the crypto-native firm, but market veterans couldn’t help but draw parallels to Coinbase’s infamous 2021 listing. That launch — which coincided with bitcoin’s then-all-time high — marked a euphoric peak followed by a months-long correction. The question now: is Circle riding the same wave?
Circle’s listing comes amid a resurgence in crypto enthusiasm. Bitcoin trades above $104,000, stablecoin volumes are ticking up, and institutional interest is reawakening. USDC, Circle’s flagship product, has seen a meaningful bump in usage across exchanges and payment platforms, suggesting a broader return to blockchain-based settlement rails.
Still, amid the optimism, analysts urge caution. The IPO market remains thin, and crypto valuations are notoriously volatile. While Circle’s market cap soared on day one, investors will be watching closely to see whether the firm’s fundamentals can support its newly public status — or whether this debut becomes another overheated headline in crypto’s boom-and-bust cycle.
