Overview

• Circle’s stock climbed as high as $123.49 on its second trading day, nearly four times its $31 IPO price, lifting its market capitalization to $32.1 billion.
• The IPO raised about $1.1 billion through the sale of 34 million Class A shares, marking a milestone after a failed SPAC attempt in 2021.
• The GENIUS Act cleared a key procedural hurdle by moving to a final Senate vote, which could establish formal guidelines for U.S. stablecoin issuers.
• Visa disclosed it processed $3.8 trillion in stablecoin transactions over the past month and $249 trillion since 2019, highlighting rapid growth in digital dollar use.
• Analysts warn that Circle’s revenue model depends almost entirely on interest from cash reserves backing USDC, leaving it vulnerable if interest rates decline.