The shares of Circle (CRCL) surged sharply higher on Monday, reaching a new all-time high of $138.57 before giving up some of their gains.
Circle’s IPO was a blockbuster success. Some now consider it to be one of the strongest billion-dollar IPO launches in years.
On the first day, shares opened at $69 and closed first day at $83.23, recording a surge of 169% from the IPO price of $31 per share.
According to Renaissance Capital, this was the largest first-day pop for a billion-dollar IPO in more than 30 years.
It has managed to outperform such tech giants as Airbnb and Robinhood.
Following the most recent surge, the market cap of USDC has now reached 50% of the entire USDC circulation.
SBI’s big Circle bet
In other news, SBI Holdings, which is a longtime partner of enterprise blockchain company Ripple, and SBI Shinsei Bank have invested a combined $50 million in Circle, aiming to capitalize on the hype surrounding the company.
Circle now has direct access to the burgeoning Japanese market via SBI VC Trade.
The integration will help the stablecoin gain a much-needed foothold in the Japanese market.