Last Thursday marked a historic milestone for Circle as it officially listed on the NYSE as CRCL, coinciding with a media event at NYSE TV. The studio, located upstairs at gallery level, brought back childhood memories of my first visit to the NYSE balcony with my dad, where I once imagined IBM as a giant symbol of the future. That day, the atmosphere was electric—Circle’s team and guests filled the floor and galleries, and precisely at 9:29:30, everything paused for the ringing of the opening bell. NYSE President Lynn Martin stood beside Circle CEO Jeremy Allaire as the crowd erupted in applause, floor specialists and brokers joining in the celebration. The energy was palpable, a rare moment of maturity and celebration in the financial world, far from youthful crypto hype or DeFi exuberance.
Standing just feet from Jeremy Allaire on the busy NYSE trading floor during our five-minute segment was an indescribable rush—like finishing a marathon and being awarded a medal. It signified achievement and validation, a moment made possible by regulatory progress and meaningful blockchain legislation.
Circle’s journey with USDC began in September 2018, right before a peak in US interest rates. Launching then was strategic: positive carry from backing assets and low crypto yield expectations, as many crypto practitioners had only known zero interest rates. The COVID pandemic in 2020 brought a Zero-Interest-Rate-Policy back, boosting crypto adoption and experimentation, even as the Fed raised rates sharply in 2022 to absorb COVID fiscal stimulus. During this period, Circle’s attempted SPAC—announced in July 2021 with minimal yields—faced challenges, culminating in its termination in late 2022 as rates soared above 4%. Regulatory delays prevented the deal from closing, even as rising rates boosted Circle’s core business fundamentals.
Today, with interest rates stabilizing around 4-5%, Circle’s model has adapted successfully. USDC holders can now earn rewards comparable to risk-free yields on platforms like Coinbase. The market is also poised for increased stablecoin adoption, especially with legislation like the GENIUS Act on stablecoins gaining momentum, potentially opening a multi-trillion-dollar market. This creates a new demand for U.S. Treasuries, serving both stability and global trade needs. While stablecoin issuers enjoy favorable carry scenarios, they must navigate near-term interest rate risks—especially as shareholders and analysts keep a close watch.
Overall, the moment at the NYSE was a testament to how far stablecoins like USDC have come—from cautious beginnings to mainstream recognition—marking a mature chapter in the evolving landscape of digital finance.
