"Stablecoin's first stock" Circle IPO is booming, and "crypto circle" assets are about to be listed in batches?

The explosive performance of stablecoin issuer Circle on its first day of listing not only allowed Wall Street to witness the madness of the "crypto circle" once again but also has the potential to spark a wave of listings for more "crypto circle" assets.

On June 5, the stablecoin "first stock" Circle Internet Group Inc. (CRCL) saw its U.S. IPO rise nearly 170% on its first day, closing at $83.23, far exceeding the previously set IPO price of $31 per share, with an intraday surge of 235%, reaching a high of $103.75.

According to Wall Street Insight's previous mention, Circle's IPO price was set at $31, significantly higher than the expected range of $27 to $28 this week, and also above the initially set range of $24 to $26 last week, attracting more than 20 times oversubscription, raising nearly $1.1 billion.

Reports indicate that Circle has become the most notable cryptocurrency company IPO debut since Coinbase Global Inc. went public in 2021, and its performance exceeding expectations has instantly ignited market enthusiasm. Renaissance Capital senior strategist Matt Kennedy stated:

"I’m sure other companies are talking to their investment banks today about them (referring to those cryptocurrency companies that have been lingering outside the public market). This confidence is not unfounded; Circle's successful performance is paving the way for the entire cryptocurrency industry's IPO aspirants."

The Growing Lineup of Cryptocurrency IPO Candidates

Circle's success has already triggered a chain reaction within the industry. According to previous reports from Bloomberg, cryptocurrency custody company BitGo Inc. is considering an IPO later this year.

As one of the oldest cryptocurrency exchanges, Kraken is reportedly preparing for an IPO in early 2026, according to informed sources.

Billionaire Winklevoss twins' cryptocurrency company Gemini has secretly submitted an IPO application and may go public later this year.

Digital asset exchange Blockchain.com has also made several high-profile hires to accelerate its plans to become a public company.

Analysts point out that for those cryptocurrency companies still waiting for the right moment, Circle's victory is undoubtedly a strong signal: the doors to the IPO market are reopening.

Circle's Perfect Timing for Listing

Circle's timing for its listing is impeccable. Just as Congress is considering stablecoin regulatory legislation, Circle positions itself as having the "largest regulated payment stablecoin." Circle co-founder and CEO Jeremy Allaire stated in an interview with Bloomberg:

"Transitioning to a publicly listed company will definitely help us collaborate with mainstream institutions globally. The IPO will bring more trust, compliance, and transparency to Circle's regulated stablecoin network and help establish partnerships with other financial institutions."

It is worth noting that Circle, as a stablecoin issuer, has essential differences from other cryptocurrency companies.

Unlike companies like Strategy, Coinbase, and Galaxy Digital Inc. that profit from Bitcoin price fluctuations, Circle's revenue primarily comes from U.S. Treasury bonds and other income-generating instruments that support the value of its tokens.

Rohit Kulkarni, a senior internet and capital markets research analyst at Roth Capital Partners, pointed out: "Investors are less concerned about these recent risks because Circle has a scarcity value."

This novelty of being the first stablecoin company to go public makes it easier for early buyers to overlook potential long-term competitive threats and the impact that declining interest rates may have on earnings