Stablecoin bigwig Circle soars in debut on the New York Stock Exchange

The U.S.-based issuer of one of the most popular cryptocurrencies made its debut on the New York Stock Exchange on Thursday and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors.

Circle Internet Group issues USDC, a stablecoin that can be traded at a 1-to-1 ratio for U.S. dollars, and EURC, which can similarly be traded for euros.

Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like U.S. dollars or gold. That makes them a much more reliable means of conducting commercial transactions than other forms of crypto.

Interest in Circle’s initial public offering is high. The company’s underwriters priced the offering at $31 per share Wednesday, up from an expected range of $27 to $28. The number of shares being sold was raised to 34 million from 32 million. Circle is listed on the NYSE under the symbol “CRCL.”

The stock price soared above $96 at one point Thursday afternoon and landed at $83.23 by closing. Circle's initial public offering is one of the biggest public listings for a crypto-related company since the exchange Coinbase went public in 2021.

The dominant player in the stablecoin field is El Salvador-based Tether, which has the stablecoin known as USDT that currently has about $150 billion in circulation. USDC is the second most popular stablecoin market cap, with about $60 billion in circulation.

Circle said in a regulatory filing that USDC has been used for more than “$25 trillion in onchain transactions” since its launch in 2018.

Revenue-wise the company has seen tremendous growth, going from just $15 million in 2020 to $1.7 billion in 2024.

Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. Circle said USDC is backed by “cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks.”

Circle’s IPO comes amid a push by the Trump administration and the crypto industry to pass legislation that would regulate how stablecoin issuers operate in the U.S. A Senate bill advanced last month with bipartisan support.

There is also growing competition in the stablecoin field. A crypto enterprise partly owned by the Trump family just launched its own stablecoin, USD1.

Circle said its long track record and values – the company says its mission statement is “to raise global economic prosperity through the frictionless exchange of value” – will help it stand apart in the field.

Jeremy Allaire, center, Co-Founder, Chairman & CEO of Circle, escorted by NYSE President Lynn Martin, right, on the floor of the New York Stock Exchange, Thursday, June 5, 2025. (AP Photo/Richard Drew)

Jeremy Allaire, , left, Co-Founder, Chairman & CEO of Circle, listens to specialist Peter Giacchi, right, before the IPO opens, on the floor of the New York Stock Exchange, Thursday, June 5, 2025. (AP Photo/Richard Drew)

Jeremy Allaire, second from right, Co-Founder, Chairman & CEO of Circle, rings the New York Stock Exchange opening bell, Thursday, June 5, 2025. (AP Photo/Richard Drew)

A bull sculpture is displayed outside the New York Stock Exchange for the expected Circle IPO, Thursday, June 5, 2025. (AP Photo/Richard Drew)

MILWAUKEE (AP) — Four years after showing up late for the Beijing Olympics and missing one of his races because of a case of COVID-19, U.S. long track speedskater Casey Dawson is enjoying what he jokingly terms his “villain arc,” peaking at the right time ahead of the Milan Cortina Games.

Dawson secured a spot for next month in the men's 5,000 meters — an event he was forced to skip in 2022 while sick — by winning at that distance at the U.S. Olympic trials in 6 minutes, 12.857 seconds on Friday night.

“I actually got COVID two or three weeks before going to the competition. Tested positive for 50 straight tests,” said Dawson, a 25-year-old from Park City, Utah. “Couldn’t go over to the Games. I missed the opening ceremonies. Missed the 5,000 meters. Showed up 12 hours before my 1,500 meters. So I kind of got a little screwed over from that point of view. But this time around, I’m just looking forward to getting there smoothly and just getting a little bit of redemption.”

And then, with a chuckle, Dawson added: “It’s kind of fun to have, like, my villain arc, I would call it. Just coming back and having some fun.”

Ethan Cepuran was about 6 1/2 seconds back Friday, finishing next in 6:19.335.

The last American man to medal in the 5,000 at an Olympics was Chad Hedrick at the 2006 Turin Games.

Dawson already had secured the lone U.S. place for Milan in the men’s 10,000 — a race not being contested at these trials — and also will be part of the trio for men’s team pursuit at the Olympics.

Dawson, Cepuran and Emery Lehman took the bronze in that event in Beijing four years ago, set the world record in 2024 and claimed gold in the team pursuit at the world championships in March.

In the other race Friday, the women's 3,000, Greta Myers won in 4:06.799. As of now, the United States does not have a berth in Milan for that distance, but one of its athletes could end up in the field if another country relinquishes an opening.

“It's hard to wait,” said Myers, a 21-year-old from Lino Lakes, Minnesota. “But I'm very hopeful. I think it's at least a 50-50 chance that it'll happen.”

The U.S. Olympic roster for long track won't become official until the four-day trials at the Pettit National Ice Center wrap up on Monday. One element that could come into play is that the Americans are allowed to bring a maximum of eight men and six women to these Winter Games.

The biggest star of the team — and the sport — is scheduled to make his trials debut Saturday in the men's 1,000 meters: Jordan Stolz. The 21-year-old from Kewaskum, a town about 40 miles north of Milwaukee, is not just competing at home this week; he's racing at the same rink where he first began taking lessons as a kid.

He made his Olympic debut at age 17 in Beijing four years ago, finishing 13th in the 500 and 14th in the 1,000.

At both the 2023 and 2024 world championships, Stolz earned titles in each of the 500, 1,000 and 1,500 meters.

He's already pre-qualified for the Olympics based on performances at those three distances. All he really needs to do to lock down berths on the squad for the Feb. 6-22 Milan Cortina Games is show up at the starting line this week.

The 500 and 1,500 are slated for Sunday, and the mass start is Monday.

AP Winter Olympics: https://apnews.com/hub/milan-cortina-2026-winter-olympics

Casey Dawson, of Park City, Utah, right, and Ethan Cepuran, of Glen Ellyn, lllinois, left, compete in the men's 5,000 meters at the U.S. Olympic trials for long track speed skating at the Pettit National Ice Center in Milwaukee, Friday, Jan. 2, 2026. (AP Photo/Howard Fendrich)

The Pettit National Ice Center is seen in Milwaukee on Friday, Jan. 2, 2026, the first day of the U.S. Olympic trials for long track speedskating. (AP Photo/Howard Fendrich)