Circle's CRCL Stock Soars 8X in 12 Days: USDC vs. USDT Competition Heating Up

Circle’s stock has surged over 8 times, indicating strong investor confidence and market momentum. USDC is gaining ground against USDT in the stablecoin market.

In a surprising move, Circle Internet Group, the company behind USDC stablecoin, has made a strong debut on the public market. Within just twelve trading days since its IPO, Circle’s stock (CRCL) has skyrocketed from $31 to over $254, marking an 8-fold increase in value.

The stock surged by 168% on its debut, setting a record for the largest one-day gain among IPOs raising over $1 billion. Currently, shares are trading at $263.45, up 9.64% from the previous session, as per Google Finance.

With a market capitalization of around $62 billion, Circle has surpassed USDC in value, showcasing its growing influence on Wall Street while USDT remains the trading volume leader.

The surge in Circle’s stock was driven by high investor demand, leading to an IPO price higher than the initial range. The stock gained further momentum after the U.S. Senate approved the GENIUS Act, introducing federal oversight for fully-backed stablecoins.

Despite USDT’s current dominance with a market share of 62% and a market cap nearing $156 billion, USDC’s transparency and utility are positioning it as a strong competitor. If USDC maintains its growth trajectory, it could challenge USDT’s long-standing supremacy in the stablecoin market.

According to the source: AMBCrypto.