Simply put
- Circle’s stock has surged by over 10% today as the Stablecoin expands its operations to a global chain.
- The company’s value is currently about four times its IPO price, sitting at roughly $28.34 billion.
- USDC is now natively supported on a total of 21 blockchains.
Circle, the major player in the Stablecoin market, has seen its shares rise more than 10% today, reflecting the expansion of its USDC Stablecoin to a global chain. This chain, co-founded by OpenAI CEO Sam Altman, emphasizes human verification. As part of the rollout, all USDC tokens that were bridged to this new World Chain have been automatically upgraded to the newly launched native USDCs.
The company noted, “We are excited to confirm that Native USDC and CCTP V2 are now operational on global chains. This upgrade will enhance liquidity, security, and capital efficiency for both developers and users within the global chain ecosystem.”
This expansion also indicates that USDC, the second largest Stablecoin, is now supported by 21 different blockchains.
Circle Stock (CRCL) is trading over $116, experiencing a more than 10% daily increase and standing nearly four times above the $31 IPO price. On Monday, CRCL reached a high of $138.57 on Nasdaq.
Upon debuting in the open market last week, the stock faced multiple halts on its first day, skyrocketing to over three times its IPO price in mere minutes.
This initial performance was notably above that of other major tech companies’ listings like Meta, Robinhood, and Airbnb.
The IPO raised $1.1 billion, contributing to the trend of crypto companies going public, including recent debuts like trading platform Etoro and Bitcoin rewards company Fold.
However, none of these companies matched CRCL’s launch success regarding the spike in stock prices after the offering.
Interestingly, another established crypto firm, New York-based Gemini, has recently made its own IPO submission, quickly joining this competitive landscape.
Circle, valued around $28.34 billion, almost went public in 2022 but faced challenges during its merger process that delayed its launch.
