Circle Soars 29% on Second Day of Listing, Market Cap Surpasses 29 Trillion Won

Doohyun Hwang

Summary

Circle, the issuer of the stablecoin USDC, reportedly continued its strong upward trend on the second day of its listing on the New York Stock Exchange.
Circle's market capitalization surpassed 29 trillion won, marking roughly a 247% increase from the IPO price and indicating strong investor demand.
Global financial institutions and investors are focusing on Circle, the world's second-largest stablecoin issuer.

Circle, the issuer of the stablecoin 'USDC', continued its sharp rise on the second day of its listing on the New York Stock Exchange. The market capitalization soared past 29 trillion won in an instant, expanding to three times the IPO target price.

On the 6th (local time), Circle's share price closed at $107.70 on the NYSE, up 29.4% from the previous trading day. This follows a surge of 168.48% the day before, marking a two-day streak of double-digit gains. As a result, Circle's share price jumped 247% from the IPO price ($31), quickly surpassing the $100 mark.

The market capitalization rose to $21.6 billion (about 29.4 trillion won). This scale is about three times the company valuation of $6.8 billion estimated by the market before listing. Previously, Circle had set the initial IPO price range at $24–26, but due to strong investor demand, it was raised to $27–28, and eventually, the final IPO price was confirmed at $31 on the day of listing.

Circle is the issuer of USDC, the world's second-largest stablecoin. USDC's market share is approximately 27%, ranking second after Tether (USDT), which holds 67%. Stablecoins are a type of virtual asset whose value is pegged to legal currencies such as the US dollar or euro. They are known for low volatility and fast settlement/remittance based on blockchain technology, attracting attention from global financial institutions and investors.

USDC