What's Behind Circle's Soaring Stock Price? Analyzing USDC's Revenue Structure and IPO Valuation

Cryptocurrency data firm Coin Metrics released a report on the 24th about Circle Internet Group, the issuer of the stablecoin USDC. The report delves into the company's IPO valuation, the revenue structure of USDC, and its future prospects.

On June 5th, when Circle went public on the New York Stock Exchange (NYSE) under the ticker CRCL, its stock price temporarily soared from the IPO price of $31 to about $298 on the 24th, an increase of more than 9.6 times. At its peak, the market capitalization exceeded $77 billion, surpassing the circulation amount of USDC, which is around $61 billion, highlighting the success of U.S. tech companies...