Circle’s market value approached Coinbase’s at one point during trading on Monday

PANews reported on June 24 that according to The Block, the stock price of stablecoin issuer Circle (stock code CRCL) hit $298 during trading on Monday, and its market value exceeded $77 billion on a fully diluted basis, surpassing the $61 billion market value of its stablecoin USDC and approaching the current market value of Coinbase at $77.8 billion. Circle has accumulated a nearly 600% increase since its IPO at $31 on June 5, and rose another 12% on Monday.

Alexander Blume, CEO of Two Prime Digital Assets, pointed out that there is a valuation paradox in Circle's market value surpassing Coinbase - Coinbase not only takes 50% of USDC's reserve income, but also has multiple business lines. Bitwise CEO said this phenomenon marks that "mainstream capital is beginning to flow into the crypto field." The market shows that Circle closed at $263.45 on Monday.