In a jaw-dropping market twist, Circle Internet Group, the driving force behind stablecoin USDC, has seen its stock CRCL utterly explode, skyrocketing by over 800% within just 12 days of its IPO.

This surge is not merely a fluke; it reflects immense investor confidence and a robust market momentum that is challenging the supremacy of USDT.

CRCL Stock Takes Off!

From an initial price of $31, Circle's stock has now soared past $254. In less than two weeks, this rapid ascent is nothing short of spectacular, especially since it marked a record-breaking 168% gain on its very first day of trading for IPOs exceeding $1 billion.

As of now, shares have climbed to $263.45, representing a further 9.64% increase from the previous trading session. Impressively, Circle’s market capitalization now sits at around $62 billion, eclipsing that of USDC itself.

What Fuels This Surge?

Circle's remarkable market debut was fueled by overwhelming investor interest, prompting the company to adjust its IPO price higher than the initially proposed range of $26–$28, leading to its launch at $31 per share.

The momentum didn’t stop there; shares jumped again following the U.S. Senate’s approval of the GENIUS Act—a bill aimed at introducing robust federal oversight for fully-backed stablecoins, which gave investors even more confidence in Circle's long-term prospects.

Community Buzz

Crypto expert Leo Lanza shared his excitement on X (formerly Twitter), highlighting Circle's phenomenal growth. Andy from the popular YouTube show The Rollup echoed this sentiment, remarking, "@circle is on an absolute tear! It’s wild to see its market cap surpass the total supply of USDC. Wall Street is eager for exposure to these assets."

Bitwise CEO Hunter Horsley also weighed in, stating, "Circle's IPO is shaping the conversation with mainstream investors; 2025 will mark the start of a new era."

Can USDC Overtake USDT?

Despite Circle's impressive trajectory, USDT still reigns supreme in the stablecoin realm with a commanding 62% market share and a market cap nearing $156 billion, according to DeFiLlama.

In June alone, USDT processed a staggering $431.05 billion in transactions, dwarfing USDC's $193.36 billion. But as USDC gains traction and recognition for its transparency and reliability, the landscape is shifting.

The Future of Stablecoins

Questions loom over USDT's long-term viability, especially as USDC's utility grows. If USDC continues on this upward trajectory, the stablecoin market may witness a seismic shift, possibly turning the longstanding dominance of USDT into a fierce competition.