Circle Listing: A Milestone Event in the Stablecoin Sector

The issuer of the world's second largest stablecoin USDC, Circle, went public on the New York Stock Exchange last Thursday night, triggering a strong market reaction. Circle's stock opened at an issue price of $31 per share and subsequently triggered the circuit breaker mechanism multiple times. The closing price on the first day reached $83.23, with an increase of 168.48%, giving it a market capitalization of over $18.5 billion. The next day, the stock price continued to climb nearly 30%.

Currently, the total size of the global stablecoin market has surpassed $250 billion, with USDT and USDC together accounting for 86% of the share. The success of Circle's listing not only reflects the market's enthusiasm for stablecoins but also allows more traditional financial professionals to re-recognize the value of stablecoins.

At the same time, the Hong Kong Special Administrative Region government announced that the "Stablecoin Ordinance" will officially take effect on August 1, 2025, further promoting the popularity of stablecoins in the financial market. The GENIUS stablecoin bill in the United States is also in the drafting process, and these measures will provide a clearer regulatory framework for the development of stablecoins.

Four years ago, the largest cryptocurrency exchange in the United States went public on Nasdaq, with its stock price reaching as high as $429 and a market capitalization exceeding $112 billion. Although it went through a period of adjustment afterward, this listing showcased the potential of the emerging financial sector to traditional financial markets, paving the way for the later emergence of Bitcoin ETFs and various reserve assets.

The listing of Circle is also of significant importance. It has led to a broader recognition of the concept of stablecoins, attracting the attention of some traditional funds. Through its listing, Circle has demonstrated its financial strength and company transparency, which are crucial for the long-term development of stablecoins.

The co-founder of Circle stated that this listing will bring more trust, compliance, and transparency to the company's regulated stablecoin network, helping to establish partnerships with other financial institutions.

To some extent, stablecoins carry on part of Satoshi Nakamoto's ideal of decentralized currency. Although stablecoins still rely on institutional logic, they draw on the form of blockchain technology and play an important role in the payment sector.

According to a report from a certain crypto investment institution, the trading volume of stablecoins reached 33 trillion US dollars in the past 12 months, far exceeding PayPal's trading volume by 20 times and close to 3 times that of Visa. Nevertheless, there is still significant room for growth in the stablecoin market compared to the traditional payment market.

The listing of Circle can be seen as an important milestone in the naming of stablecoins. As one of the most mature applications in the crypto industry beyond trading, stablecoins may become a key factor in driving the popularization of Web3 and crypto technology.

For investors and entrepreneurs, the stablecoin sector holds tremendous opportunities. Whether engaging in financial innovation or providing related services, this field is full of potential. However, opportunities come with risks, and participants need to assess carefully.

What will Circle's market value reach in four years? The answer to this question will depend on the overall development of the stablecoin market and changes in the regulatory environment. In any case, Circle's listing is undoubtedly another milestone event in the history of the cryptocurrency industry.