Circle Soared Almost 60% This Year

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Circle Internet Group (NYSE: CRCL) was one of several crypto businesses to go public last year. Its initial public offering (IPO) coincided with surging enthusiasm about the potential for stablecoins, and investors saw Circle stock as a relatively safe way to get exposure to this evolving sector. The issuer of USD Coin (USDC) went public at $31 per share on June 5 and soared to almost $300 by June 23, before finishing the year at about $80 -- a 73% decline from its summer high. This year, things have swung in the other direction, with the stock trading at about $125 as of March 20, having gained almost 60% year to date.

Why it matters

Stablecoin adoption continues apace, which is good for Circle because it earns interest on the reserves that back the stablecoins it issues. The more USDC in circulation, the larger Circle's yield-generating reserve base. However, the evolving regulatory environment poses the greatest risk for Circle investors, as the firm needs regulations that will build confidence and open the way for further mainstream adoption, rather than rules that hamper its operations.

The details

Circle generated $2.6 billion from its reserve income last year. According to its full-year earnings report, the amount of USDC issued rose to $75.3 billion in 2025, up 72% from the year before. Circle's reserve earned a yield of 4.1%, although some of that income goes to Coinbase as part of their partnership agreement. USDC is the second-biggest stablecoin, accounting for about a quarter of the $315 billion in circulating stablecoins. Some predict the total market could expand to $2 trillion in the coming years. If USDC maintains the same market share, Circle's reserves could grow increase $500 billion.

• Circle went public at $31 per share on June 5, 2025.
• By June 23, 2025, Circle's stock had soared to almost $300.
• Circle's stock finished the year 2025 at about $80, a 73% decline from its summer high.
• As of March 20, 2026, Circle's stock is trading at about $125, having gained almost 60% year to date.

What’s next

The next legislative step -- the Digital Asset Market Clarity Act -- has stalled, and stablecoin interest is a significant sticking point. The Genius Act prohibits stablecoin issuers like Circle from paying interest on deposits, but third parties like Coinbase can legally pay customers stablecoin interest. Banks want to close that loophole.