Circle Listing: A Milestone Event in the Stablecoin Industry

Last Thursday evening, the issuer of the world's second-largest stablecoin USDC officially listed on the New York Stock Exchange. The company's stock opened at an issue price of $31 per share, triggering the circuit breaker mechanism multiple times on the same day. The closing price on the first day reached $83.23, an increase of 168.48%, with the company's market capitalization exceeding $18.5 billion. The stock price continued to rise by nearly 30% the next day.

This listing event has brought the concept of stablecoins to the financial headlines, prompting a reevaluation of the value of stablecoins in traditional finance. At the same time, the Hong Kong Special Administrative Region government officially announced that the "Stablecoin Ordinance" will be implemented on August 1, 2025, further boosting the popularity of stablecoins in the financial market. The GENIUS stablecoin bill is also in the process of being drafted in the United States.

Currently, the total market value of global stablecoins has exceeded $250 billion, with the top two stablecoins accounting for 86% of the market share. This also explains why the company adjusted its opening pricing multiple times on the eve of the IPO, as the market response far exceeded expectations.

Four years ago, around the same time, another cryptocurrency exchange successfully went public on Nasdaq, with its stock price reaching as high as $429 on the first day of trading, resulting in a market capitalization exceeding $112 billion, bringing substantial returns to early investors. Despite undergoing more than two years of adjustment afterwards, this successful listing showcased the potential of emerging financial markets to traditional financial markets, paving the way for the subsequent Bitcoin ETFs and various reserve assets.

Similarly, the significance of this listing lies in bringing stablecoins into the mainstream financial spotlight, gaining favor from some traditional funds. Demonstrating financial capability and company transparency through the listing is crucial for the development of stablecoins. As the company's co-founder stated in an interview, the IPO will bring more trust, compliance, and transparency to its regulated stablecoin network and help establish cooperative relationships with other financial institutions.

A well-known venture capital firm recently reported that the trading volume of stablecoins has reached $33 trillion in the past 12 months, continuously setting new historical highs, nearly 20 times that of a certain payment giant and nearly 3 times that of a certain credit card company.

Compared to the traditional trillion-dollar payment market, the stablecoin market seems to still be in its infancy. 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 "legitimize" stablecoins; the real drama is just beginning.

As one of the most mature applications in the cryptocurrency industry apart from trading, stablecoins may be the real stepping stone for Web3/crypto applications to enter every household. For investors and entrepreneurs, this field holds immense opportunities, but risks also exist.

What will be the market value of this company four years from now? Let's wait and see.