Circle’s $36bn valuation sets incentive for more stablecoin issuers to go public

When stablecoin issuer Circle recorded a $482 million loss in the second quarter, it sent the firm’s stock tumbling 15% in a single day. Despite the volatility, the USDC issuer still trades at a whopping $36 billion valuation, up 115% from its public offering price. So, what’s propping up Circle? Insatiable demand for stablecoins among Wall Street investors, according to Colin Butler, head of global financing at crypto treasury firm Mega Matrix. “Investors have an idea that this is a sector for exponen ...