Circle's market cap surpasses USDC: How is Wall Street repricing the "compliant dollar"?
Stablecoin issuer Circle ($CRCL) is becoming the most eye-catching crypto star in the U.S. stock market for 2025. On Monday, its stock price briefly hit $298, pushing its fully diluted market cap over $77 billion. This not only means that its company valuation has officially surpassed that of its core product—USDC, which has a market cap of $61 billion—but it is also closing in on the industry benchmark Coinbase.
Since its IPO at $31 on June 5, Circle has achieved an astonishing nearly 600% increase in less than a month. Behind this frenzy is a complete reassessment of the value of the "compliant digital dollar."
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