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The data behind Circle’s $18B Valuation.

USDC

CEX

Derivatives

Written by The Kaiko Research Team

16/06/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! Circle’s IPO debut on the New York Stock Exchange on June 5th captured market attention, with shares surging well beyond expectations and outperforming other major crypto listings. This special edition of our Data Debrief examines the on- and off-chain data signals that set the stage for this blockbuster launch and help explain the drivers behind Circle’s remarkable valuation.

    • USDC volumes & supply hit all-time highs in Q2

    • EURC leads with 47% of EUR stablecoin market


    • 40K+ wallets hold 100+ USDC weekly

    Special Edition

    The data behind Circle’s $18B Valuation

    Circle’s market debut this month was spectacular. Trading as CRCL, shares closed last week up 140% from their first-day close and over 270% above the $31 IPO price, raising the firm’s valuation to $18bn.

    On- and off-chain data for Circle’s flagship product, USDC (USD Coin), offer rare transparency into the company’s valuation. They reveal rapid stablecoin adoption and strong demand for compliant digital dollars—key factors driving Circle’s valuation and long-term growth prospects.

    In fact, examining the average number of active wallets on a weekly basis over the past few years highlights the remarkable growth of Circle’s stablecoin. Since the beginning of 2025, there has been an average of 40k active wallets each week. These are wallets that have sent at least 100 USDC on Ethereum. This is double the weekly average observed in 2024.
    Other on-chain metrics, including the number of USDC transactions on Ethereum, its expanding role on DeFi platforms like Aave, and its growing use as a settlement and quote asset in spot and derivatives markets, have all seen remarkable growth and are now at all-time highs. For more insights, explore our premium Data Debrief by subscribing here.


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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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