PANews reported on June 24 that according to The Block, the stablecoin issuer Circle (stock code CRCL) reached $298 during intraday trading on Monday, with a fully diluted market value exceeding $77 billion, surpassing its stablecoin USDC's $61 billion market value, and approaching Coinbase's current $77.8 billion market value. Since its IPO at $31 on June 5, Circle has cumulatively risen nearly 600%, with a single-day increase of 12% on Monday.
Two Prime Digital Assets CEO Alexander Blume pointed out that Circle's market value surpassing Coinbase presents a valuation paradox - Coinbase not only shares 50% of USDC reserve income but also has multiple business lines. Bitwise CEO stated that this phenomenon marks "mainstream capital beginning to flow into the crypto field". Market data shows that Circle closed at $263.45 on Monday.
