Good heavens, darling—Circle Internet Financial, of USDC fame (those Second Place ribbons must be getting a bit old in the bottom drawer by now), has somehow finagled a market valuation of $66.9 billion. Yes, billion, with a “B”—making its own $61.3 billion in circulated dollar-tokens look like the tip someone tosses rather guiltily to a bellboy.
This little party trick was powered by a delightful cocktail of investor exuberance (three parts optimism, one part legislative schadenfreude). With the US recently passing a stablecoin bill by a margin not seen since people stopped caring about prohibition, Circle seems to be cosying up just behind its larger, louder cousin, Coinbase. Coinbase, currently resting on $78 billion, is surely side-eyeing Circle at this point. A rivalry worthy of a Noël Coward matinee!
CRCL Shares: More Upstaging Than a West End Debut
According to Yahoo Finance (the patron saint of grown-up fun with numbers), Circle’s shares soared to $298.98, then took a dainty bow at $263.45. Still, that’s up nearly 10% in a day, and a theatrical 800% leap since going public in June. The show-stopping number: a $67 billion market cap, vaulting it over its own coin stash. It’s rather like inviting 50 people to a dinner party and discovering you’ve booked a venue for 500.
This all follows the U.S. Senate’s rousing 68–30 chorus for the GENIUS Act—an acronym almost as subtle as Circle’s marketing. Once the President signs (or at least remembers to), the land of the free gets its first-ever curtain-raiser for federally-approved stablecoins. The act promises full backing, relentless audits, and approval rituals. It even politely asks algorithmic coins to wait in the foyer until further notice.
No sooner was the ink drying than CRCL shares pirouetted another 80% higher last week. Fintech grandee Fiserv announced it would soon unveil its own digital temptress—FIUSD—built, naturally, on Circle’s dazzling infrastructure. Everyone’s coming to the ball, apparently.
Bubble or Ballroom Blitz? 💃🕺
Now, skeptics at the back are wringing their pearls. “216x net income! A P/E above 3,200!” they shriek, fainting into the digital rhododendrons. With numbers like that, it’s less ‘investing’ and more ‘auditioning for the next season of Who Wants To Be a Billionaire?’ Still, a bubble isn’t a bubble until it pops, and right now everyone’s floating merrily skyward.
And why not? The whole stablecoin ensemble is swelling. Coinbase, never shy of a boasting session, claims such coins processed $27.6 trillion in 2024—a sum that leaves Visa and Mastercard looking like lost tourists clutching traveller’s cheques. Plus, 81% of crypto-curious small businesses are eyeing stablecoins, and Fortune 500s are forming a queue longer than the line for Hamilton tickets.
DeFiLlama’s latest data suggests the total pie grew by $5.671 billion in 30 days, now topping $251 billion. Ethereum, that reliable understudy, contributed a dramatic $3.6 billion to the fresh supply.
Meanwhile, Tether’s USDT remains the undisputed diva, with $156 billion in circulation—62% of the market, and presumably its own dressing room. USDC clings to a respectable 24% share, second place and still getting invited to the best after-parties.
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2025-06-24 13:52