The first stablecoin stock, Circle, surged 168% on its first day of listing on the NYSE, with several stablecoin-related concept stocks continuing to strengthen... Recently, the stablecoin market has been heating up, becoming a major focus for international investors.

Stablecoins are a special type of cryptocurrency that are pegged to stable assets, including fiat currencies such as the US dollar and euro, physical assets like gold, as well as a basket of assets or algorithms, in order to reduce the extreme price volatility characteristics of cryptocurrencies like Bitcoin and maintain the stability of the coin's value. Taking the stablecoin USDC issued by Circle as an example, it is pegged to the US dollar at a 1:1 ratio, allowing users to exchange 1 US dollar for 1 USDC, and also to exchange 1 USDC back for 1 US dollar.

The earliest issued stablecoin appeared in 2014, launched by Tether with USDT, which is pegged to 1 US dollar. Since then, the stablecoin market has gradually grown, and by the end of May 2025, the total market value of stablecoins has risen to approximately $250 billion, with an increase of over 1100% in about 5 years. Among them, USDT accounts for more than 60%.

When discussing the recent reasons for the hot stablecoin market, industry insiders believe that the listing of the first stablecoin stock has ignited market enthusiasm. On June 5, Circle officially went public on the New York Stock Exchange, becoming the first IPO in the stablecoin field, which is seen by the industry as an important step for cryptocurrency to enter the mainstream financial system. On its first day of trading, Circle's stock price rose significantly by 168%, and continued to rise by nearly 30% the next day.