Circle’s $1.05B IPO Just Changed Stablecoins Forever

🟢 Circle just raised $1.05B and made stablecoin history

Circle, the company behind USDC, is officially public.

The firm raised $1.05 billion this week after selling 34 million shares at $31 each. It now sits at a $6.8 billion valuation, or close to $8 billion on a fully diluted basis. Shares will start trading Thursday on the NYSE under the ticker CRCL.

What’s remarkable isn’t just the amount raised, it’s the interest. The IPO was reportedly 25x oversubscribed, a level of demand rarely seen in crypto-related listings. It’s a strong signal that institutional appetite for stablecoins is heating up.

A vote of confidence in stablecoins

• USDC is currently the second-largest stablecoin, with $61 billion in circulation, nearly 29% of the global stablecoin market.

• In 2024, Circle brought in $1.68 billion in revenue and $156 million in profit, much of it from U.S. Treasuries backing USDC.

• That said, high distribution costs, including big payouts to Coinbase, took a bite out of earnings.

Backing the raise are some heavy hitters. ARK Invest, led by Cathie Wood, may buy up to $150M in shares. BlackRock, which already manages Circle’s $53B Reserve Fund, is expected to grab 10% of the offering.

The timing couldn’t be better.

Washington is finally warming up to the idea of stablecoin regulation. The proposed GENIUS Act would set clear rules around audits, reserves, and transparency — areas where Circle has already built a track record.

The Trump administration, meanwhile, is leaning pro-crypto again. Trump has spoken in favor of digital assets and pledged to cut regulatory red tape.

There’s also a broader race brewing. According to reports, several major U.S. banks are now exploring their own stablecoin offerings. Circle may have just beaten them with public support, a growing balance sheet, and Wall Street partners in its corner.

📚 Read also: Ripple CTO’s alarm over Trump wallet reveals crypto’s trust crisis

The official X accounts of Magic Eden and TrumpMeme recently posted announcements promoting a new crypto product called the ‘Trump Wallet’. They described it as the official wallet for Trump supporters to join the $TRUMP crypto and access features like promised sweepstakes and future rewards.

📊 Market Watch:

Coinbase expands Base with cbDOGE and cbXRP and adds another ETF win in Europe

Coinbase just added two more wrapped tokens — cbDOGE and cbXRP — to its growing Base ecosystem.

Announced on June 5 via X, both assets are backed 1:1 by Dogecoin and XRP, held in Coinbase custody, and now live on the Base Layer 2 network as ERC-20 tokens. The goal? Give DOGE and XRP holders seamless access to Ethereum-based DeFi without leaving the Coinbase ecosystem.

• Users can deposit DOGE and XRP into Coinbase and receive cbDOGE or cbXRP directly on Base

• The tokens follow the same model as cbBTC, Coinbase’s wrapped Bitcoin asset, which has seen over $4B in value bridged so far

• Total supply of cbDOGE now sits at over 10.4 million tokens

Coinbase emphasized that the tokens are fully collateralized and warned users about potential scams posing as cbDOGE or cbXRP. Smart contract addresses have been posted publicly to help with verification.

Base is booming

With over $14.4B in total value locked, Base is now the top Ethereum Layer 2 network. Stablecoin volumes on Base hit $3.6 trillion in Q1 2025, and the user base has doubled since last year.

More scaling is coming:

• Gas throughput is set to increase from 25M to 50M per second in Q2

• Long-term target: 250M gas/sec by year-end — a 100x jump from launch capacity

Meanwhile, Coinbase scores an ETF milestone in Europe

Swedish firm Virtune has launched the first ETP tracking the Coinbase 50 Europe Index, now listed on Deutsche Börse’s Xetra exchange under ticker VRTC.

• The index tracks 50 top crypto assets and includes BTC, ETH, XRP, and Solana

• Coinbase is the official custodian, and MarketVector oversees the index

• The ETP holds 21 digital assets at launch and offers regular rebalancing with institutional-grade custody

📚 Read also: Standard Chartered says corporate demand for Bitcoin is about to make it crash

In a new report released, the bank said businesses that recently joined the crypto frenzy are loading up at high prices, and if the market takes a hit, they might dump their coins fast. That’s not just bad for them. That’s bad for everyone else holding Bitcoin, too

🏛️ Regulation Watch: 

The GENIUS Act might hit the Senate floor this week, if lawmakers can agree

After months of build-up, the GENIUS Act, the U.S.'s most comprehensive stablecoin bill to date could reach the Senate floor before Friday.

The bill cleared a key procedural vote on May 19, gathering the 60 votes needed to move forward. But more than 60 amendments are now on the table, and lawmakers are scrambling to agree on a manageable version that could pass before the weekend.

According to Fox Business reporter Eleanor Terrett, negotiations are heating up. If Senators can agree on a unanimous consent package, the bill could get fast-tracked with votes on amendments and limited debate. Otherwise, the timeline will likely slip into next week.

What’s in the mix:

• A bipartisan stablecoin framework

• Disclosure rules for government officials holding stablecoins (pushed by Sen. Adam Schiff)

• A ban on foreign adversary ownership of stablecoin issuers (backed by Sen. Tommy Tuberville)

• Bank Secrecy Act reforms from Sen. Mike Lee

• Potential inclusion of the Credit Card Competition Act, which could derail the whole deal if not handled carefully

Sen. Thom Tillis has already said he’ll pull support if the credit card proposal gets attached. Meanwhile, Sen. Elizabeth Warren is expected to push for her own amendments.

Wall Street is waiting.

Many in the crypto industry, and on Wall Street, believe passing the GENIUS Act would unlock billions in institutional capital. The law would give stablecoin issuers like Circle a clear regulatory path and could finally get big banks off the sidelines.

A recent poll by the Cedar Innovation Foundation shows voters are paying attention too:

• 74% want Congress to create clear crypto rules

• 61% support federal laws for digital assets

• Only 15% believe current stock/bond laws apply to crypto

The pressure is real and bipartisan. Lawmakers in competitive districts are starting to feel it. According to CIF spokesman Josh Vlasto, “This issue isn’t niche anymore. It’s mainstream. Congress needs to act now.”

📚 Read also: Mastermind of French crypto kidnapping ring arrested by Moroccan authorities

Moroccan authorities arrested Badis Mohammed in connection with the recent kidnapping of crypto executives in France. Mohammed has been on Interpol’s red notice for arrest over abduction, false imprisonment, and arbitrary detention of a hostage.

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