Carmen Reinicke and Monique Mulima

Tue, Jun 24, 2025, 7:50 AM4 min read

(Bloomberg) -- A surge in shares of Circle Internet Group Inc., lifted by a wave of optimism about US stablecoins, has investors and market-watchers alike wondering just how much upside could be left in the near-term for the newly publicly-traded company.

Most Read from Bloomberg

• Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice

• US State Budget Wounds Intensify From Trump, DOGE Policy Shifts

• US Renters Face Storm of Rising Costs

• Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags

The blistering rally started on the first day of trading for the company behind USDC, the second-largest stablecoin by market share, when the stock jumped 168% from its initial public offering price of $31. Since its debut on June 5, the stock has continued to march higher, with shares gaining 9.6% Monday to close at $263.45 — yet another record high. Shares fell as much as 8.1% Tuesday, pausing the advance.

Circle has been the main beneficiary of euphoria around stablecoin regulations as it is one of few publicly-traded companies with stablecoin-linked assets. But its continued upward trajectory is dependent on the adoption of the new technology.

In mid-June, the US Senate passed legislation setting up regulations for the cryptocurrencies, which are pegged to the US dollar, in a landmark win for both the crypto industry and President Donald Trump, whose affiliated stablecoin with World Liberty Financial already boasts a roughly $2 billion market value. The House has also been pursuing its own legislation.

Other companies have joined the ride. Shares of Fiserv Inc. rose 4.4% on Monday after the financial tech company said it plans to launch its own stablecoin and platform for clients, working with Circle and Paxos Inc. on the coin infrastructure. Mastercard Inc. announced Tuesday a partnership with Fiserv to integrate stablecoin across the credit card company’s products and services. Walmart Inc. and Amazon.com Inc. are among companies discussing issuing their own stablecoins, pressuring shares of traditional payment companies such as Visa Inc.

Even with the recent momentum, if stablecoins don’t become a widely-used and accepted payment method, there could be limited potential for Circle going forward.

“We are highly skeptical stablecoins will ever be a relevant payment method in the US. The current card-based system works: it’s convenient, secure, and rewards-rich,” Jefferies analyst Trevor Williams wrote in a Monday note, adding that stablecoins might lead to a clunky consumer experience and not offer many new discounts or reward incentives.