Following its much-anticipated initial public offering (IPO) on Thursday, shares of Circle Internet Group, the issuer of the USDC stablecoin, skyrocketed, reaching over $90 per share according to TradingView. This puts the company’s shares, trading under the ticker symbol CRCL, on track to close significantly above its IPO price of $31.
Trading on the New York Stock Exchange was temporarily halted due to the stock’s substantial gains around 1 p.m. ET. Ever since Circle made its final decision to go public, the potential valuation and share price of the company have been looking up.
Circle and its investors, including Allaire, sold approximately 34 million shares at $31 each, raising about $1.1 billion for the company. This followed an earlier adjustment this week, when the company increased the selling price of its shares from a range of $24 to $26 to between $27 and $28 per share.
In a post on Thursday, Circle co-founder and CEO Jeremy Allaire stated, “Our evolution into a public company is a significant and powerful event. The world is prepared to begin transitioning to an internet-based financial system.”
Circle’s USDC is the world’s second-largest dollar-pegged stablecoin, trailing behind Tether’s USDT. While USDC’s supply is far less than that of USDT, Circle’s US-based operations could provide an edge as the digital asset market expands.
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