Circle’s Wild Stock Comeback Turns Stablecoins Into a Wall Street Talking Point

Circle Internet Group’s stock has reentered the market’s spotlight this month, and the reaction from traders has been swift.

Net income from continuing operations reached $133 million, while adjusted EBITDA climbed to $167 million, up more than fourfold from a year earlier. Earnings per share attributable to common shareholders came in at $0.56 basic and $0.43 diluted, compared with essentially nothing the year before.

For context, Circle’s stock history reads like a dramatic three-act play. The company went public June 5, 2025, pricing shares at $31 and opening near $69 before closing its debut day around $83. The stock briefly touched nearly $299 during its early post-IPO excitement before tumbling toward roughly $50 earlier this year. Now it’s staging a comeback that would make a washed-up rock band proud.

None of this means the story is risk-free. Circle’s revenue model is sensitive to interest rates; if yields fall sharply, the income from reserves shrinks. The company also shares a substantial portion of that reserve income with partners, including Coinbase, which historically receives about 56%.

Then there’s the valuation debate. When a stock doubles in a month, skeptics inevitably arrive with calculators and raised eyebrows.