Stablecoins: Circle Goes Public

Paul Otto

Stablecoins are a highly profitable business. Government bonds yield around 5%, while dollar tokens distribute little to no interest. Circle Internet Group issues USDC, the second-largest stablecoin with a market volume of approximately USD 61 billion. Only Tether (USDT, around USD 155 billion) is larger. USDC is managed solely by Circle, after Coinbase relinquished its co-control in 2023. However, Coinbase continues to receive a share of the interest income from USDC reserves held on its platform. Tether, by contrast, keeps all profits for itself.

We have no business – Let’s buy a business

In April 2025, Ripple—a company with little viable business model of its own—attempted to acquire Circle for USD 4–5 billion. Circle declined and chose to go public instead.

On June 5, Circle debuted on the NYSE under the ticker CRCL. By the end of the first trading day, the stock had already surged +168%. Pre-IPO, Circle was valued at USD 6.9 billion; its market cap now lies between USD 20 and 25 billion.

For investors who believe in the future of stablecoins, CRCL is now the first direct equity opportunity.

Shares on Wall St vs. onchain Tokens

Our fund is also focused on stablecoins. We are invested in the decentralized stablecoin giant Maker (Transitioning to the name SKY). We believe Maker could outperform Circle over the coming years—among other reasons because it is globally accessible without restrictions and distributes a portion of its yield to holders. Read more in our monthly fund report.

Current Yields on U.S. Treasury Bonds – The Income of Stablecoin Issuers