Circle’s Valuation Surpasses USDC Supply—Is the Stablecoin Summer Era Beginning?

Jakarta, Pintu News – The valuation of stablecoin issuer Circle skyrocketed after listing on the New York Stock Exchange (NYSE). In less than a month, Circle’s market value reached Rp1,047 trillion (US$63.89 billion), surpassing the total supply of its own stablecoin, USD Coin (USDC), which is currently circulating at Rp1,011 trillion (US$61.68 billion).

This phenomenon comes amidst what is now being referred to as the “Stablecoin Summer” trend, where stablecoins are starting to take over from the “Altcoin Season” narrative in the crypto world. This valuation spike signals a shift in investor perception of Circle-from a mere stablecoin issuer to a digital financial infrastructure giant.

Circle’s IPO Boom Drives Valuation to Soar

Circle, the company behind USDC, has just gone public and immediately recorded a remarkable rise in its share price. In the 18 trading days since its IPO debut, Circle’s stock (CRCL) surged more than 800%, with the price touching almost IDR4,920,000 (about US$300) before closing at IDR4,317,580 (US$263.45).

This makes Circle the first stablecoin issuer to list on the world’s largest traditional stock exchange. This achievement opens a new chapter in the integration of the crypto world with traditional finance (TradFi).

Circle’s rising share price reflects investor confidence in the company’s fintech potential that goes far beyond simply issuing stablecoins. Circle is now seen as a full-fledged digital finance operator, not just a “mint-and-burn” shop for USDC.

Investors seem to be buying into the company’s long-term vision wholeheartedly, believing that Circle will play a central role in the digital financial infrastructure of the future. This is what drove its valuation to surpass the total supply of USDC-a signal of a major paradigm shift in the cryptocurrency ecosystem.

Stablecoin Summer Shifts Altcoin Focus

The growing “Stablecoin Summer” trend shows how stablecoins, especially USDC, are starting to dominate the market conversation. Circle gained huge momentum after releasing USDC on the Ripple network (XRP Ledger) and continues to expand integration to various other blockchain networks.

Also read: Fed’s new policy opens up golden opportunities for Ripple (XRP)? Here’s how!

With stablecoins now widely used for real-world assets (RWAs), DeFi yield farming, and cross-border payments, Circle is in a strategic position. This reinforces the perception that stablecoins are no longer just a tool, but a core asset in the crypto ecosystem.

Data from DefiLlama notes that USDC supply jumped from IDR716 trillion (US$43.67 billion) in January 2025 to the current IDR1,006 trillion (US$61.32 billion) – an increase of nearly 40% in six months. This surge is a testament to the growing interest in fiat-backed tokens like USDC amidst the instability of other crypto markets.

However, some are still skeptical about Circle’s long-term viability. One of the biggest criticisms came from BitMEX co-founder Arthur Hayes, who said Circle’s dependence on Coinbase could be a drag on future growth.

Internal Challenges & External Criticisms

Despite its tremendous growth, Circle has not been without controversy. After the IPO, it was revealed that some of the company’s internal employees potentially lost up to IDR 49.2 trillion (US$3 billion) in unrealized profits due to the tight equity structure.

Also read: Metaplanet Invests $5 Billion to Dominate the Bitcoin Market!

This triggered tensions within the company and also attracted the attention of investors who were concerned about the sustainability of internal motivations. This issue shows that even when a company is on the rise, internal dynamics can still be a weak point.

On the other hand, criticism of Circle’s close partnership with Coinbase is also growing. Many felt that relying too heavily on one distribution entity could limit USDC’s market expansion. These challenges are pushing Circle to be more independent and expand its distribution channels to other ecosystems. Otherwise, the Summer Stablecoin boom could be a short-lived, short-lived season.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Stablecoin Summer Heats Up: Circle’s Market Cap Surpasses USDC Supply. Accessed June 25, 2025.
• Featured Image: Generated by AI