Circle
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First Stablecoin Public Listing Raises Concerns
Circle (CRCL), a stablecoin issuer, debuted on the NYSE in June 2025 and surged 622% post-IPO, reaching a near $50 billion market cap. Stablecoins, likened to ADRs, face increasing regulatory scrutiny, exemplified by the “Clarity for Payment Stablecoins Act.” Circle’s USDC, positioned as a compliant alternative to USDT, saw fluctuating issuance and redemptions. Challenges include reliance on Coinbase, potential interest rate cuts impacting revenue, and competition from Big Tech and government initiatives. The US’s complex stance on stablecoins stems from SWIFT disruption and US debt demand dynamics.
