Circle's IPO has driven its stock (CRCL) to surge over 700%, reaching a market cap of ~$66.9B, surpassing USDC's $61.3B market cap. However, USDC's market cap hasn't grown proportionally due to its stablecoin nature, pegged 1:1 to the USD, limiting value fluctuations. Growth depends on increased adoption and circulation, not stock performance. Regulatory clarity from the GENIUS Act and Circle’s compliance focus boost investor confidence, but USDC’s market cap is tied to actual token demand, not Circle’s valuation. Competition from Tether’s USDT and potential interest rate drops may also cap USDC’s growth.[](https://thedefiant.io/news/markets/circle-s-market-cap-surges-to-usd66-billion-flips-usdc)[](https://cryptoslate.com/insights/circles-post-ipo-valuation-surges-to-66-9-billion-outpaces-usdc-supply/)