Circle made history… but what happens next

Back in April, we talked about how Circle – the issuer of the USDC stablecoin – was getting ready to go public.

(If you missed that, catch up here.)

Well… it’s official now.

The CRCL stock started trading on the New York Stock Exchange.

And just like that, Circle became the first stablecoin issuer ever to go public in the US.

Pretty historic.

And yeah, the launch was massive.

The IPO was oversubscribed, meaning more people wanted the stock than there were shares available.

The stock’s offer price was $31… and it went as high as $123. That’s nearly a 4x jump on day one.

Some of that hype might’ve come down to good timing.

The Trump administration has been openly supportive of stablecoins, and new proposals like the GENIUS Act aim to give them clear legal status.

That kind of regulatory clarity makes Circle’s business model look a lot more legit – especially to traditional investors who’ve been hesitant about crypto.

Overall, this whole thing sounds super exciting. Big numbers, good setup, yada yada.

But don’t get carried away.

Former Goldman Sachs banker Dom Kwok explained that IPOs are often set up to “pop” on day one to attract attention, but it doesn’t mean the stock is actually worth that much yet.

He emphasized the importance of the lockup period – the first 90 to 180 days after an IPO, when insiders and early investors aren’t allowed to sell their shares.

For Circle, that period is 180 days.

Once it ends, those investors can sell – and they usually do. That often creates downward pressure on the stock.

In fact, Dom brought up Facebook’s IPO in 2012. When its lockup ended, the stock fell to nearly half of the IPO price.

Whatever happens, the bigger picture is clear: Wall Street seems more open to crypto-related companies.

And Circle might be just the beginning 👀

The day after CRCL launched, Gemini announced it filed for its own IPO.

Coincidence? I think not…