Circle Internet Group, the issuer of the dollar-pegged stablecoin USD Coin, has added more than fivefold in value since its 5 June debut on the New York Stock Exchange. The rally lifted the company’s market capitalisation to about US$63.9 billion at Monday’s close, exceeding USDC’s circulating supply of roughly US$61.7 billion, and briefly drove the stock toward US$300 intraday before it eased back to around US$180. With the post-IPO quiet period over, Wall Street initiated formal coverage on 30 June. Barclays, Bernstein, Canaccord Genuity and Needham began with bullish calls, while lead underwriter JPMorgan warned the run-up had outpaced fundamentals and assigned an ‘underweight’ rating and an US$80 price target. Bernstein set a US$230 target, arguing Circle’s regulatory head-start and distribution partnerships could lift the shares about 30 percent in the next year. Competitive pressure is rising. Paxos on 1 July launched Global Dollar (USDG), a fully MiCA-compliant stablecoin now available to consumers across 30 European Union countries through partners including Kraken, Robinhood and Mastercard. The release pits USDG against market leaders USDC and Tether’s USDT as lawmakers on both sides of the Atlantic advance stablecoin rules. Circle meanwhile rolled out “Gateway,” a service intended to give institutions instant cross-chain liquidity for USDC, and expanded its payments reach as German fintech Ivy integrated USDC and its euro-denominated counterpart EURC. The company also unveiled a near-instant euro-to-USDC on-ramp for corporate customers via Circle Mint. Although USDT still tops the sector by market value, data cited by analytics firm Sentora show USDC now processes more than twice USDT’s on-chain transaction volume. Moody’s analysts said talk of thousands of new entrants is overstated, but acknowledged that pending U.S. legislation—the GENIUS Act—could accelerate adoption of regulated dollar-backed tokens, a backdrop that makes Circle’s meteoric share gains a focal point for investors.