In the spirit of felicitations, Brian Armstrong, the CEO of Coinbase Global Inc., an American cryptocurrency exchange and publicly traded company, has termed USDC “the most trusted stablecoin.”

His statement comes as the USDC issuer Circle Internet Financial got its Initial Public Offering (IPO) listed on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.”

Armstrong took to X to acknowledge the stablecoin firm and its CEO, Jeremy Allaire, on the milestone.

He highlighted the listing on the NYSE as a major win for the broader crypto ecosystem. He suggested that it reflects the improving regulatory standards in the burgeoning digital asset industry.

The Coinbase CEO acknowledged that Circle had reached “~$30T in lifetime USDC volume!”

Based on this premise, he pronounced USDC the most trusted stablecoin. This milestone comes amid stiff competition with Tether’s USDT.

As such, Armstrong’s statement about USDC could show the strength of the competition in the stablecoin market. For the longest time, USDT held a significant share of the stablecoin market, proudly dominating the others.

Last year, it boasted up to $13 billion in profit alone, indicating an impressive performance amid a broader, volatile market.

However, it started seeing some strains when some critics called the company out to publicize its Proof-of-Reserve (PoR).

When the Market in Crypto Asset (MiCA) regulation was introduced, the challenges of the USD-pegged stablecoin intensified.

Coinbase made plans to delist USDT because Tether failed to comply with the MiCA rule.

On the other hand, Circle embraced the comprehensive stablecoin regulatory framework, citing its upside for the payments sector.

The latest IPO listing on the NYSE reflects the company’s continued growth, expansion, and compliance with global regulations.

Circle has long pursued this IPO move. In March, it filed for the offering formally with the U.S. Securities and Exchange Commission (SEC).

This application was evidence of its intent to strengthen transparency and expand its public presence through listing on the NYSE.

While the broader crypto market was caught in the web of regulatory uncertainty at the time, the growth of USDC supported Circle’s move to pursue an IPO.

In the days before the IPO listing, Circle boosted its IPO size and price, aligning to raise up to $896 million.

It targeted a valuation of $7.5 billion. JPMorgan, Citi, Goldman Sachs, Barclays, Deutsche Bank, and Societe Generale were the joint book-running managers for the IPO.

At launch, CRCL stock jumped more than 200% to over $90 above its IPO price, further demonstrating its adoption trend.

Circle’s IPO has notably ended the rumored acquisition competition between Ripple Labs and Coinbase.

San Francisco-based Ripple had offered to buy Circle for $4 to $5 billion in late April 2025. Later, Coinbase was reported to show interest at a similar $5 billion price tag.

It was reported that Circle rejected Ripple’s offer, stating its lower valuation. The USDC issuer later denied that any sale was imminent, insisting on its focus on an IPO.

Rather than forgo the acquisition, Ripple was rumored to double the price to around $9-11 billion. As it stands, nobody will be buying Circle, at least not in the distant future.

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