How Is USDC Stock Performing? Stablecoin Giant CRCL Surpasses $30 Billion in Market Cap

On June 5, 2025, the New York Stock Exchange witnessed a historic breakthrough in the cryptocurrency industry. Circle, the issuer of the world’s second-largest stablecoin USDC (stock code: CRCL), debuted on the NYSE at a price of $31, soaring to $69 at the open, an increase of 122%. During the trading session, the stock price briefly surpassed $100, ultimately closing at $83.23, with a single-day increase of 168%.

Market enthusiasm did not stop there. The next day, the CRCL stock price rose again by 29.4%, with a cumulative increase of over 200% in two days, and a trading volume reaching 6.46 billion USD. As of June 18, the stock price had climbed to 151 USD, nearly five times the issue price, and the market capitalization soared to 33.6 billion USD.

Market Carnival: The Triple Engines Behind Stock Price Curves

The policy tailwind ignites market enthusiasm. The U.S. Senate passed the GENIUS Act on May 21, establishing the first national regulatory framework for USD stablecoins, with legislation expected to be completed in August. This policy directly drives funds into the stablecoin sector.

The core provisions of the bill require all USD stablecoins to be 100% backed by USD or equivalent liquid assets. Circle’s compliance advantages are instantly magnified, with investors expecting it to dominate the stablecoin market in the era of regulation.

The business model demonstrates a strong ability to attract funds. Circle’s revenue engine is highly focused: in the first quarter of 2025, revenue reached $578.6 million, a year-on-year increase of 58.5%. Of this, 99% of the revenue comes from the interest income of USDC reserve assets.

In simple terms, Circle uses the US dollars deposited by users to purchase US Treasury bonds, earning the interest rate spread. In the current high interest rate environment, this has become an efficient “money-making machine.”

Scarcity premium drives up valuations. As the world’s first publicly listed pure stablecoin company, CRCL stands in stark contrast to traditional cryptocurrency exchanges (like Coinbase) and mining companies. Its profit model is more stable, and its cash flow is more predictable, which naturally leads to a higher valuation premium.

The current market capitalization of 33.6 billion USD is already more than half of its managed reserve of 61.5 billion USDC.

Compliance Moat: The Advances and Concerns of USDC

The market share battle under regulatory arbitrage. Currently, the global stablecoin market size has reached 251.1 billion USD, with USDC holding approximately 25% of the market share, ranking second only to Tether’s USDT (60%). However, compliance is becoming the key to breaking the deadlock.

After the implementation of the EU MiCA regulations, USDT faces compliance challenges due to issues with reserve transparency, while USDC has won institutional favor thanks to its fully cash and short-term US Treasury transparent reserves managed by BlackRock.

The trading volume growth curve has steepened. In April 2025, the monthly trading volume of USDC on centralized exchanges reached $21.9 billion, more than doubling from $10.65 billion in January 2024. On Binance, USDC’s market share surged from 10% at the end of last year to nearly 20%.

Cost pressures coexist with competitive shadows. The distribution agreement between Circle and Coinbase requires them to pay 50% of the reserve revenue share, resulting in a 68.2% increase in trading and distribution costs in the first quarter of 2025.

The entry of traditional financial institutions like PayPal’s PYUSD and Fidelity into the stablecoin space is squeezing the compliance dividend of USDC.

The critical point is approaching, and the “iPhone moment” is reshaping financial infrastructure

The countdown to legislation has started, reshuffling the industry. The U.S. Senate will hold a final vote on the GENIUS Act on June 17. The $50 billion audit threshold in the bill (Circle’s current USDC size is $61.6 billion) may increase compliance costs but will also eliminate smaller players, reinforcing the leader effect.

Programmable money opens the door to a leap in value. The “iPhone moment” metaphor proposed by Circle CEO Jeremy Allaire points to the qualitative change of stablecoins from trading tools to financial infrastructure.

When stablecoins are combined with smart contracts, it unlocks innovative scenarios such as automated payments and condition-triggered transfers. By 2024, the asset scale locked in DeFi protocols based on stablecoins has reached $240 billion, with a compound annual growth rate of over 150%.

The global payment system is under reconstruction. Traditional financial giants have quietly laid out their plans: Visa and PayPal are using USDC for international transfers; JPMorgan Private Bank has included it in its list of eligible collateral; BlackRock’s cryptocurrency fund increased its holdings in Circle by 12% in the first quarter. This positive cycle of “regulatory compliance - institutional entry - market capitalization expansion” is accelerating.

The GENIUS Act is entering the countdown for a Senate vote. If the bill passes, stablecoin issuing institutions with over $50 billion will face mandatory annual audits, greatly increasing the industry’s entry barriers.

Goldman Sachs analysts pointed out in a recent report: “Circle’s valuation premium reflects the market’s pricing of the future of programmable currency, but a 400 times dynamic price-to-earnings ratio requires maintaining a compound growth rate of over 60% in the next three years to be digestible.”

On the electronic screen in the trading hall of the New York Stock Exchange, the price curve of CRCL is still fluctuating dramatically. This curve not only bears the fate of Circle but also reflects the century-long changes in the digital economy and financial system.