After its major IPO launch, Circle is now a public company trading under the CRCL ticker. Its initial stock price is $31 per share.
This marks the first-ever major stablecoin company to go public in the US. The company’s USDC is currently the 7th largest cryptocurrency, with a $61.4 billion market cap.
Stablecoin Enters Wall Street
Circle’s effort to launch an IPO has been a hotly anticipated development in the crypto industry. Just yesterday, the firm substantially increased its target goals, raising the per-share price and offering 8 million additional shares.
Today, Circle’s listing on the NYSE makes it a public company, signaling a new era and the end of its IPO.
In addition to showing his gratitude, Allaire commented on a few ways that going public could transform Circle.
He claimed that the firm was founded on the premise of remaking the global economic system in a digitally native fashion and always anticipated this project taking decades. After 12 years, going public is a sign that the mission is making real progress.
Although Circle is not the largest stablecoin issuer, it’s been making impressive progress in the last few weeks. Its trading volume recently hit an all-time high, and cross-chain bridging transactions also broke records this week.
Circle aimed to raise over $1 billion with its IPO, and going public today signals its rapid success at achieving this task.
Still, becoming a public company won’t necessarily change Circle’s day-to-day operations yet. Allaire didn’t mention any changes in the firm’s leadership or commit to any bold new initiatives.
He spoke of continuing to transform the global economic system but emphasized that this is a long-term vision.
A few possible options for Circle might be using its new resources to substantially upgrade its technological infrastructure or compete for Tether’s share of the stablecoin market.
With Circle’s success in going public, the crypto industry might have a rising major player on its hands.
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