Circle Stock Breaks Record 

Circle Internet Group went public on June 5 at $31 per share. The stock rose 168% on its first trading day, attracting significant investor interest. By the morning of Monday, June 23, CRCL reached $298. This pushed the market cap beyond $77 billion, exceeding the $61 billion USDC supply and Coinbase’s approximately $78 billion market cap. The stock surged from its IPO price of $31 to $298 in just 12 trading days, achieving over an 8-fold increase. This performance marks it as one of the fastest-growing technology IPOs in recent years. 

The approval of the GENIUS Act in the Senate caused a rapid rise in both Circle and Coinbase stocks. The act brings federal regulation for fully backed stablecoins. President Donald Trump wants this regulation on his desk by the end of summer. 

USDC Revenue and Partnership Details 

Circle shares a large portion of USDC revenue with Coinbase. In 2024, over 60% of USDC reserve interest income was paid to Coinbase as distribution fees. Under the current agreement, 50% of the remaining income also goes to Coinbase. 

Coinbase generates revenue not only from USDC but also from staking, institutional services, and spot trading. Therefore, some analysts find Circle’s higher valuation compared to Coinbase to be questionable. Still, Circle’s IPO highlights growing mainstream investor interest in the crypto market. 

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