--- title: "The stablecoin craze sweeps the global market, \"valuation bubble\" alarm sounds" description: "The global stablecoin boom has driven significant stock price increases for related emerging technology companies, with Circle's stock price soaring approximately 500% since its listing. However, inve" type: "news" locale: "en" url: "https://longbridge.com/en/news/246594072.md" published_at: "2025-06-30T04:14:02.000Z" --- # The stablecoin craze sweeps the global market, "valuation bubble" alarm sounds > The global stablecoin boom has driven significant stock price increases for related emerging technology companies, with Circle's stock price soaring approximately 500% since its listing. However, investors are concerned about this frenzy, as short interest continues to rise. Despite regulatory agencies taking a cautious stance, support from U.S. President Trump has fueled the prosperity of stablecoins. Circle's market capitalization has surpassed $40 billion, making it the second-largest stablecoin. The regulatory framework is continuously improving, with relevant legislation making progress in the United States and South Korea According to Zhitong Finance APP, the global surge in stablecoins has driven significant stock price increases for related emerging technology companies, leading some investors to gradually feel concerned about this frenzy. The stock price of "the first stablecoin stock" Circle (CRCL.US) has soared about 500% since its listing in New York three weeks ago, but its short positions have also been steadily rising. In South Korea, global and local funds have been selling off shares of Kakaopay Corp. as the stock has doubled in the past month. This cautious trading stands in stark contrast to the frenzied retail trading. Despite regulatory bodies and the financial industry taking a cautious stance on stablecoins, strong support from U.S. President Donald Trump has fueled the boom in stablecoins. SeokKeun Ha, Chief Investment Officer at Eugene Asset Management in Seoul, stated, "This reminds me of the crazy buying by retail investors in metaverse-related stocks in 2020 and 2021. This is essentially a bet on government policy," influenced more by sentiment than by any actual fundamental factors. The stablecoin boom drives related stocks to surge ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250630/1751255569967425.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) The momentum for stablecoin development is becoming increasingly strong, while the regulatory framework is also being continuously improved. This month, the U.S. Senate passed legislation regarding stablecoins, but the bill has yet to pass in the House of Representatives. The Legislative Council of Hong Kong passed a stablecoin bill in May, and South Korean President Lee Jae-myung has promised to allow domestic companies to issue such tokens. In addition to the progress of the Trump-supported "GENIUS Act" in the U.S. Congress, Circle's strong listing performance is also an important driving factor. By market share, the company's USDC is the second-largest stablecoin, second only to Tether, which is operated by a private company based in El Salvador. Circle's market capitalization has surpassed $40 billion, exceeding more than half of the companies in the S&P 500 index. According to S&P Global, Circle's rapid rise has led some traders to bet that its stock price will decline, with the short position ratio steadily rising to over 25% of the circulating shares. This year, Kakaopay's stock, listed in Seoul, has outperformed all its peers in the FTSE Global FinTech and Blockchain Index, with a price increase nearly double that of Robinhood (HOOD.US). While retail investors have been buying the stock, domestic and foreign institutions have remained net sellers. Citigroup analysts John Yu and Alicia Yap recently stated that despite the long-term growth potential, "this opportunity is still in its early stages, and its timing and ultimate user acceptance are difficult to determine." They rated Kakaopay as "sell," believing its valuation is too high The stock surge related to stablecoins is spreading across global markets, driving up the stock prices of Kakao, the parent company of Kakaopay, and its competitor Naver. In the United States, stocks of Circle peers like Coinbase (COIN.US) have also seen an increase. However, despite strong support from leaders like Trump and Lee Jae-myung, risks remain. The Bank of Korea has warned that the adoption of stablecoins could hinder effective monetary policy. The Bank for International Settlements has stated that the future of stablecoins is "uncertain." Many still believe that the technology has potential for trading and storing value in the stable cryptocurrency space, but the high valuations of related stocks have also raised concerns. Last Friday, Kakaopay's stock fell by 10% after a brief suspension, as regulators reminded investors to exercise caution amid such a rapid surge. Cha So-Yoon, a stock investment manager at Taurus Asset Management in Seoul, stated, "Stablecoins are a very important theme, despite the risks. It is still too early to determine whether the stock prices of related companies are at reasonable levels or to assess their valuations, but regardless, stablecoins will be issued, and issuers will reap billions in profits." ### Related Stocks - [CRCL.US - Circle](https://longbridge.com/en/quote/CRCL.US.md) - [C.US - Citigroup](https://longbridge.com/en/quote/C.US.md) - [COIN.US - Coinbase](https://longbridge.com/en/quote/COIN.US.md) - [HOOD.US - Robinhood](https://longbridge.com/en/quote/HOOD.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | BREAKINGVIEWS-稳定币巨头是加密货币领域的脆弱基础 | Tether，全球最大的稳定币 USDT 的发行者，尽管面临监管挑战和市场波动，仍展现出韧性。其市值达到 1840 亿美元，主导着与美元挂钩的数字货币。然而，由于其股权缓冲减少，风险资产在其储备中所占比例增大，其财务稳定性受到质疑。如果市场 | [Link](https://longbridge.com/en/news/276411736.md) | | 04:52 ET Bybit EU 通过在欧洲推出新的稳定币活动，扩大了对 USDC 和 EURC 的使用范围 | Bybit EU 推出了新的稳定币活动，涉及 USDC 和 EURC，以促进欧洲负责任的数字资产使用。该倡议包括旨在鼓励有纪律的储蓄习惯和金融素养的稳定币收益产品。用户可以访问具有吸引力的年利率的定期产品，例如 10 天的 USDC 固定收 | [Link](https://longbridge.com/en/news/276319961.md) | | 高院否决，特朗普将被迫退税！华尔街 “早就下注”，商务部长儿子甚至一度参与 | 去年 10 月投资机构以每美元 20-40 美分的折扣价从进口商手中购入关税退款索赔权，单笔交易规模多在 200 万至 2000 万美元。投资者有望获得超 8 倍回报。但退款前景仍存不确定性，涉及金额达数十亿美元，各方仍在观望。 | [Link](https://longbridge.com/en/news/276502404.md) | | 传言成真？英伟达对 OpenAI 的 “1000 亿美元投资” 最终 “打了三折” | 据报道，英伟达正接近敲定对 OpenAI 最高 300 亿美元的股权投资，取代此前官宣的 1000 亿美元合作框架。原有协议因条款分歧与内部疑虑未能落地，黄仁勋亦曾强调其不具约束力。此次新融资轮规模或超 1000 亿美元，OpenAI 估值 | [Link](https://longbridge.com/en/news/276507066.md) | | 都想学英伟达 “芯片换融资”，谷歌和 AMD 都要扶持 “AI 云” | 谷歌正试图复制英伟达的成功路径，利用金融实力构建芯片生态系统。公司正洽谈向 “新型云” 公司 Fluidstack 注资约 1 亿美元，并为 Hut 8 等转型矿企提供项目融资支持，以换取 TPU 芯片的采用。AMD 则更为激进，为初创公司 | [Link](https://longbridge.com/en/news/276502552.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.