Circle’s market capitalization has quickly outpaced the circulating supply of its stablecoin USDC less than a month after the company went public.
Data from CryptoSlate shows that USDC’s current circulating supply is approximately $61.27 billion. Meanwhile, Circle’s market capitalization has surged to around $66.9 billion, according to figures from Yahoo Finance.
Circle’s rapid valuation climb can be linked to the staggering success of its initial public offering, which has propelled its stock to a peak of approximately $280 per share at the time of writing from an initial price of $31.
Jon Ma, the CEO of blockchain analytics company Artemis, explained that the stock performance shows that the market is pricing in substantial future growth, potentially tied to Circle’s role in the broader stablecoin and payments infrastructure.
According to him, Circle’s valuation is over 24.2 times its Q1 2025 revenue run rate, 60.7 times its gross profit run rate, and 216 times its net income run rate.
