Stablecoin Summer Heats Up: Circle ’s Market Capital Surpasses USDC Supply

Circle, the company that issues USDC, is experiencing strong growth just a few weeks after going public. In addition to the increase in stablecoin supply, the company's market capitalization is also rising.

This growth is occurring against the backdrop of an emerging "stablecoin summer" trend, threatening to overshadow analysts' predictions about the "altcoin summer".

Circle Reverses USDC Supply as IPO Momentum Drives 800% Increase

On Monday, the fintech company's market capitalization reached $63.89 billion, surpassing the total circulating supply of USDC, which is around $61.68 billion.

In Monday's trading session, Circle's stock approached the $300 mark before closing at $263.45.

This milestone was achieved just three weeks after Circle's prominent IPO, making it the first stablecoin issuer to launch on the NYSE. The stock has increased by over 800% in the 18 trading days since its NYSE debut.

This strong growth reflects investors' increasingly deep confidence in Circle's broader fintech potential beyond stablecoin issuance. Circle's IPO, as BeInCrypto reported, attracted significant institutional attention, readjusting market expectations, including Circle's long-term business model.

Traders are increasingly viewing Circle as a comprehensive digital financial operator, far beyond a mint-and-burn shop for USDC. Its CRCL stock surpassing the circulation value of the USDC stablecoin reflects this change.

This also indicates a larger momentum behind what many call the "Stablecoin Summer", a term supported by giants like Tron DAO and Kraken Exchange.

The company seems to be attracting attention as stablecoins increasingly drive real-world assets (RWAs), Yield Farming, and cross-border payments. Circle recently launched USDC stablecoin on XRP Ledger.

Circle's USDC Supply Increases 40% in 2025

According to data from defillama, Circle's USDC supply increased from $43.672 billion in January 2025 to $61.323 billion at the time of writing. The 40% growth in 2025 shows the increasing attractiveness of fiat-backed tokens.

However, not all attention is positive. BeInCrypto recently reported that Circle employees may have missed up to $3 billion in unrealized profits after the IPO due to strict equity structure.

That disclosure caused internal disappointment and external skepticism, especially when considering the company's valuation trajectory.

Meanwhile, BitMEX co-founder Arthur Hayes recently argued that Circle's deep integration with Coinbase could become a strategic limitation. He hinted at Circle's dependence on Coinbase, limiting USDC's market scope, suggesting that the company's future may depend on greater independence and diversification.

"If you stop reading here, the only question you must ask yourself when evaluating an investment in a stablecoin issuer is: how will they distribute their product?" Hayes wrote in a recent blog.

However, currently, the market seems to be buying into Circle's vision comprehensively. The company's dual momentum in traditional finance (TradFi) and Web3 is translating into capital flow and cultural influence.

Surpassing the stablecoin in market capitalization is not just a financial milestone, but also reflects a shift in sentiment. This shows that investors see Circle as the center of the next phase in digital currency infrastructure, rather than just a product of it.