CRCL stock jumps 8X in 12 days, but can USDC catch up to USDT?

Circle’s stock skyrocketed over 8x, signaling massive investor confidence and market momentum.USDC gained a regulatory edge, challenging USDT’s dominance in the stablecoin market.In a surprising turn of events, Circle Internet Group, the company behind the USDC stablecoin, has made a powerful debut on the public market.Circle’s CRCL stock risesIn just twelve trading days since its IPO, Circle’s stock (CRCL) has soared from its opening price of $31 to over $254—a remarkable 8-fold increase in valuation.On its debut, the stock surged by 168%, setting a new record for the largest one-day gain among IPOs raising over $1 billion.At press time, shares traded at $263.45, up 9.64% from the previous session, according to Google Finance.Now valued at around $62 billion, Circle’s market capitalization has surpassed that of its stablecoin, USDC.This signals its growing influence on Wall Street, even as USDT remains the market leader in trading volume.What’s behind this surge?Circle’s blockbuster market debut didn’t come as a surprise.High investor demand led the company to raise its IPO price beyond the initially proposed $26–$28 range, ultimately launching at $31 per share, according to Bloomberg.This surge of interest not only powered the stock’s early momentum, but also reignited discussions about IPO pricing strategies and whether they accurately capture a company’s true market value.Fueling the rally further, Circle’s shares jumped again after the U.S. Senate approved the GENIUS Act—a bill introducing federal oversight for fully-backed stablecoins.This legislative support gave investors added confidence in Circle’s long-term growth and stability.Community reacts…Remarking on this success, a popular crypto investor and commentator, Leo Lanza, took to X (formerly Twitter) and noted,Source: Leo Lanza/XEchoing similar sentiments, Andy, one of the co-hosts of the crypto YouTube show The Rollup, said,“@circle is on an absolute tear. Its market cap now has outpaced the total supply of USDC, which is crazy. Wall Street is really jumping to get exposure to these assets.”Bitwise CEO Hunter Horsley also didn’t miss the opportunity to appreciate this success, as he noted,“Circle IPO is changing the conversation with mainstream investors. 2025 is the start of the mainstream era.”Will USDC flip USDT?While Circle’s USDC is making bold strides in both valuation and regulatory positioning, Tether’s USDT still firmly holds the top spot in the stablecoin hierarchy. Tether’s USDT remains the dominant player in the stablecoin arena, holding a commanding 62% market share with a market cap approaching $156 billion, according to data from DeFiLlama.Additionally, in June, figures from Visa’s on-chain analytics showed that USDT facilitated $431.05 billion in transactions, more than twice the $193.36 billion handled by Circle’s USDC.What lies ahead for USDT?However, despite USDT’s massive supply, questions loom over its long-term sustainability. This is because USDC is increasingly being recognized for its utility and transparency, traits that are positioning it as a serious contender to USDT’s dominance.Therefore, if USDC continues on this trajectory, it may soon redefine market leadership, turning the long-standing USDT supremacy into a contested battleground.