Stablecoin giant Circle's rise expands to 186% and hits circuit breaker again

On June 6th, stablecoin issuer Circle Internet Group and its shareholders who sold their shares raised nearly $1.10 billion in an initial public offering (IPO). Since then, the company's share price has soared 186% at the opening, triggering circuit breakers twice. Circle became one of the few pure cryptocurrency companies listed in the United States, such as Coinbase, Mara Holdings and Riot Platforms. This is the company's second attempt to go public. Previously, its merger plan with a special purpose acquisition company failed due to regulatory challenges at the end of 2022. The cryptocurrency industry is gaining new political support under the friendly attitude of the US government. In particular, the stablecoin sector has been accelerating due to the expectation that Congress will pass stablecoin-related legislation this summer. Wall Street analysts say the stablecoin market could grow tenfold over the next five years, creating a trillion-dollar market opportunity.