Circle’s Stablecoin IPO Is Booming… And Even I, a Crypto Cynic, Am Kinda Into It

I’m fairly young. I’ve still got most of my hair, even if a few strands have prematurely turned the color of wisdom (aka grey). I know what ChatGPT is, I understand how GPUs power AI, and I’ll gladly argue over wings that nuclear energy is the only way we’re not barbequing ourselves by 2050. I’m not an idiot. (Although my high school math teacher would probably like a word.)

I usually know what’s up when something’s trending. AI? I was in. NVIDIA? Big fan. I’ve even spent way too much time reading about float-adjusted ETF inflows. But there’s one thing I still don’t understand… and I’m not sure I ever will: Crypto. And before you hit me with the usual “Bitcoin is rare, bro… it’s like digital gold! Can’t be printed!” line, yes, yes, I know. I’ve heard the TED talks. I’ve read the Reddit threads. I even survived the phase where Gary Vee would practically threaten you on TikTok if you didn’t buy an NFT of a smug llama in Yeezys. And I stayed skeptical. Because something in my soul just couldn’t accept the idea that a cartoon monkey with grillz was worth more than my first house.

Which brings us to Circle. Circle Internet Group just went public under the ticker CRCL, and it’s got all the excitement of a birthday party at Chuck E Cheese. The IPO priced at $31 a share, well above its already-raised expected range of $27–$28. They upped the number of shares (again), sold 34 million, and raised $1.05 billion… which is a nice chunk of change for a company that, if we’re being honest, sounds like a tech boom internet company (you know, back in the 90s before it all blew up).

Now, before you confuse them with the NFT crowd, let me be clear… Circle isn’t slinging JPEGs of pixelated monkeys. They issue USDC, the second-largest stablecoin on the planet, with a 27% market share (trailing behind Tether’s 67%). And for the uninitiated: stablecoins are crypto that’s pegged to a real-world asset, usually the U.S. dollar. Which is like…crypto on training wheels. It doesn’t swing wildly like Dogecoin every time Elon tweets. One USDC = $1. That’s the whole shtick.

So why the hype? Well, two reasons: First of all, Money’s moving. Circle pulled in $1.68 billion in revenue last year and made $156 million in net income. Not bad for a company that was bringing in an anemic $15 million just four years ago. And secondly, Regulators kinda like them. Circle isn’t out here hiding from subpoenas and buying Super Bowl ads (remember FTX?). They were the first to get a BitLicense from New York back in 2015… which is like the Harvard degree of crypto compliance. And with crypto legislation creeping through Congress and a Trump-led administration rolling back Biden-era restrictions, stablecoins might actually be about to get their big-boy pants.

Even Cathie Wood showed up, throwing her ARK Fund’s interest into the ring with a potential $150 million purchase. And rumors say BlackRock might snag 10% of Circle once the stock hits the public market. So yeah, this isn’t just the degens and Reddit gamblers anymore. Circle is playing it straight. No laser eyes. No rug pulls. Just a digital dollar, tied to the real dollar, made for boring institutions to move real money around fast. Honestly… it’s kinda genius. (Or at least GENIUS Act-level genius… yes, that’s the actual name of the stablecoin legislation being proposed.)

So here I am, someone who still doesn’t really get crypto… watching Circle go public with a $6.8B valuation and wondering if I missed the boat. But you know what? Maybe I do get it now. Because unlike buying a picture of a penguin in Supreme for half a million bucks, Circle at least makes money. It’s profitable. It’s regulated. It’s got big banks backing it. And it didn’t try to convince me to buy a digital rock. Still… I won’t be putting my retirement in stablecoins anytime soon. But if you see me talking about Circle, let’s just say I’m stablecoin-curious.

Stock.News does not have positions in companies mentioned.