Circle Shares Triple in Trading Debut, Echoing Crypto IPO Frenzy of 2021

Circle (CRCL), the issuer behind the USDC stablecoin, saw its shares skyrocket in their public debut on the New York Stock Exchange, closing at $83 — more than tripling from its IPO price of $31.

The dramatic surge marked a milestone moment for the company, which had long pursued a public listing. However, the explosive debut immediately drew parallels to Coinbase’s 2021 IPO, which famously coincided with a short-term market peak. That listing saw Coinbase’s shares initially surge before entering a prolonged decline, prompting caution from seasoned investors.

The broader context of Circle’s debut also matters. The crypto market has been regaining momentum in 2025, with Bitcoin hovering above $104,000 and a renewed wave of institutional engagement. Stablecoins like USDC and Tether’s USDT have seen a notable rebound in on-chain activity — a potential indicator of deepening liquidity and trading volumes across decentralized markets.

Despite the optimism surrounding Circle’s debut, some analysts warn that the stock’s early performance could reflect speculative enthusiasm rather than long-term fundamentals. Whether the company can sustain this valuation — and avoid the fate of past crypto IPO darlings — remains to be seen.