Cryptocurrency craze is making a comeback, stablecoin giant Circle (CRCL.US) may soar by 50% on its first day of trading.

The frenzy in the cryptocurrency market is making a strong comeback. The initial public offering (IPO) of Circle Internet Group, the world's leading stablecoin issuer, is being warmly welcomed by investors, becoming a recent focus on Wall Street. Circle is set to go public on the New York Stock Exchange on Thursday, with the ticker symbol "CRCL" and an offering price of $31 per share, far above the previously expected price range. According to the latest trading data, its opening price may be between $45 and $47 per share, an increase of 45% to 52% compared to the offering price. At the offering price, Circle's market value is approximately $6.8 billion; including options, warrants, and additional shares that underwriters may purchase, the company's overall valuation is nearly $8 billion. This IPO will raise approximately $1.1 billion for Circle. Wall Street analysts widely expect oversubscription for this offering. A trading director at a major brokerage firm stated that the supply of Circle's stock is unable to meet demand, with market demand far exceeding the actual available shares. Earlier this week, Circle raised its offering price range from the original $24-26 to $27-28 per share, and increased the number of shares offered multiple times, from an initial 26 million shares to 32 million and finally settled at 34 million shares, reflecting the strong investor interest. The company is the issuer of the stablecoin USDC, which is a cryptocurrency pegged to the US dollar, with a price that mostly stays around $1, earning the moniker "stablecoin" for its low price volatility compared to mainstream cryptocurrencies like Bitcoin and Ethereum, often used in payment and settlement scenarios. Circle is currently profitable, with revenue mainly generated from interest income on its asset reserves. However, Third Bridge analyst Jacob Zuller suggests that Circle may expand its revenue structure in the future, gradually shifting focus towards payment services. Although USDC still lags behind Tether's USDT in the stablecoin market (with a market cap of approximately $153.8 billion), its market cap has reached $61.5 billion, with a market share of around 28%. Analysts believe that, in a clearer policy environment, Circle's market share could increase to 40%. Currently, the entire cryptocurrency market is heating up. Since April 7th, Bitcoin has surged over 35%, defying the general downturn in risk assets following Trump's announcement of "Liberation Day" policy, attracting significant inflows of capital. Meanwhile, companies involved in cryptocurrency investments like Coinbase (COIN.US) and Robinhood (HOOD.US) have also seen significant increases in their stock prices over the past two months. Companies like eToro Group and Galaxy Digital have also launched plans to go public in the US, signaling that crypto assets are gradually being accepted by mainstream capital markets. It is worth noting that there has been a noticeable change in the US political stance towards cryptocurrency. Trump and the current Securities and Exchange Commission (SEC) chairman Paul Atkins have a more open attitude towards digital currencies, contrasting sharply with former President Biden and former SEC chairman Gary Gensler's conservative stance. If the "GENIUS Act" (a stablecoin regulation draft) proposed in Congress is successfully passed, it could also bring policy advantages to Circle. Zuller suggested that the implementation of this act would help Circle, headquartered in New York, catch up with Tether, which has moved its headquarters to El Salvador, where Bitcoin is the legal tender.