Circle Hits Record High as Investors Flock to Stablecoin Leader
Circle (CRCL), the issuer of the widely-used USDC stablecoin, is experiencing a historic post-IPO rally, with its market capitalization climbing to nearly $60 billion — just shy of its own stablecoin’s circulating supply of $61.3 billion.
On Monday, Circle shares briefly surged 22%, touching an all-time high near $299, before ending the session at $263, still up 9%. Since debuting at $31 earlier this month, the stock has skyrocketed over 750% — making it one of the most explosive IPO performances in recent financial history.
Valuation Closes Gap With Coinbase and Fintech Giants
At its peak valuation, Circle now rivals major fintech players like:
- Coinbase (COIN): ~$78B
- Robinhood: ~$68B
- Nubank: ~$59B
- Block: ~$38B
Circle’s market cap is now nearly on par with the supply of its own USDC token, underlining its dominant position in the stablecoin ecosystem.
This meteoric rise also reflects a growing investor appetite for exposure to regulated stablecoins — a critical part of the crypto economy.
Regulatory Tailwinds: GENIUS Act Sparks Investor Confidence
The rally has been fueled in part by recent regulatory developments. The U.S. Senate passed the GENIUS Act last week, a milestone piece of legislation that advances regulatory clarity for stablecoins. This has further solidified confidence in USDC’s long-term role in global finance, payments, and DeFi ecosystems.
USDC remains the second-largest dollar-backed stablecoin, widely adopted across exchanges, DeFi protocols, and payment services.
Valuation Multiples Raise Eyebrows
Despite investor optimism, analysts warn the rally may be outpacing fundamentals. Circle currently trades at valuation multiples that far exceed typical fintech benchmarks:
- 32x revenue
- 80x gross profit
- 152x EBITDA
- 285x earnings
“Circle’s valuation is in rare territory, even among high-growth crypto firms,” one analyst noted, suggesting potential volatility ahead.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.