Circle Stock Soars 750% Post-IPO, Nears USDC Market Cap

Circle (CRCL), the issuer of the USDC stablecoin, saw its stock skyrocket to nearly $299 on Monday, continuing an explosive rally since its IPO earlier this month. After debuting at $31, the stock has surged over 750%, closing the day at $263—up 9% for the session.

At its intraday peak, Circle’s market capitalization hit roughly $60 billion, approaching the $61.3 billion circulating supply of its USDC token. This milestone also places Circle close to Coinbase’s $78 billion valuation and ahead of fintech players like Block ($38B) and Nubank ($59B).

The surge reflects investor enthusiasm around the growing stablecoin market, especially as Circle offers one of the few direct equity plays in the sector. USDC is the second-largest dollar-pegged stablecoin, widely integrated into exchanges, DeFi platforms, and cross-border payment systems.

Investor optimism was further fueled by the recent U.S. Senate approval of the GENIUS Act, a stablecoin regulatory bill that could unlock institutional growth in the sector. Analysts believe this legislation could support stablecoin adoption at a multi-trillion-dollar scale over the next decade.

However, concerns remain about Circle’s valuation. According to Artemis CEO Jon Ma, Circle is now trading at steep multiples: 32x revenue, 80x gross profit, 152x EBITDA, and 285x earnings. He warned the current valuation leaves little room for upside under its existing business model.

Despite these warnings, Circle’s rally underscores the market’s growing belief in the future of regulated stablecoins and their role in the evolving global financial infrastructure.