Circle, the fintech firm behind the USDC stablecoin, has pulled off one of the biggest crypto-related public listings to date. After rejecting a $5 billion acquisition offer reportedly made by Ripple earlier this year, Circle went public — and the move appears to have paid off handsomely.

Following its debut on the New York Stock Exchange (NYSE), Circle’s stock (CRCL) soared as high as $123 per share before closing its second trading day at $107. This pushed the company’s market capitalization above $21 billion — more than quadruple the value of the earlier buyout offer Ripple allegedly made.

Why Circle Rejected Ripple’s Offer

In April, reports emerged that Ripple had made a takeover bid valued between $4 billion and $5 billion for Circle. At the time, the offer was seen by some insiders as undervaluing the company, especially given Circle’s ambitions to go public.

Ripple CEO Brad Garlinghouse later downplayed the acquisition rumors, and Circle officially denied holding discussions with either Ripple or Coinbase regarding a sale. Circle reaffirmed its commitment to long-term independence, stating that it was focused on building regulated digital finance infrastructure, not selling out.

Looking at where Circle stands now — with a post-IPO valuation topping $21 billion — that decision seems more strategic than ever.

Circle’s IPO: A Win for Crypto’s Public Market Dreams

Circle has joined a select group of crypto-native companies that have gone public in the U.S., following in the footsteps of Coinbase and, more recently, eToro. But what makes Circle’s listing particularly notable is that it highlights growing institutional confidence in stablecoins — a previously niche sector in the digital asset space.

“This is a huge milestone, not just for Circle, but for the entire crypto industry,” said Binance CEO Richard Teng. Coinbase CEO Brian Armstrong echoed the sentiment, calling USDC the “most trusted” stablecoin on the market.

Circle’s regulatory-first approach, especially in an environment where stablecoin legislation is gaining traction, seems to have resonated with investors. Its IPO success comes as U.S. lawmakers push forward with the GENIUS Act, a bill that would set federal rules for stablecoin issuers, including both banks and nonbanks.

Wall Street Embraces Stablecoins

Circle’s public market entry reflects a broader shift in sentiment toward stablecoins and their role in the evolving financial ecosystem. With USDC’s market cap currently sitting at $61 billion — second only to Tether’s USDT — institutional players are starting to pay close attention.

Jeremy Allaire, Circle’s CEO, described the IPO as a major turning point. “This transition into a public company is an inflection point for us,” he said. “We’re moving from early adoption to mainstream acceptance.”

This growing acceptance is evident in how traditional financial institutions are reacting. According to reports, several of the largest U.S. banks — including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo — are exploring a joint stablecoin initiative to compete with rapidly growing crypto-native firms like Circle.

What Happens Next for Circle — and the Stablecoin Industry

As Circle rides high on its IPO momentum, attention is now turning to other crypto firms considering public listings. Gemini recently confirmed it has filed a confidential draft registration with the SEC for a potential IPO. Kraken is also rumored to be preparing for a listing.

Meanwhile, Circle’s strong public market debut may add pressure on lawmakers to move quickly on pending stablecoin legislation. The GENIUS Act, which could soon receive a vote in Congress, may be the final piece needed to bring full-scale regulatory clarity to the stablecoin space.

For now, Circle’s NYSE debut stands as a major win — not just for the company, but for an entire industry seeking legitimacy and broader adoption. Its decision to reject Ripple’s offer and stay independent has positioned it as a serious player in the future of regulated digital finance.

And if the current momentum continues, it won’t be long before more crypto firms follow Circle’s path from blockchain startup to Wall Street heavyweight.