Stock hits new all-time high as Israel-Iran conflict escalates originally appeared on TheStreet .
Circle Internet Group (NYSE: CRCL), the crypto company behind the USDC stablecoin, opened to an all-time high (ATH) of $165.60 on June 16 as the Israel-Iran conflict entered into its fourth day.
As reported earlier , Circle earlier reportedly rejected acquisition bids by crypto industry giants such as Ripple and Coinbase (Nasdaq: COIN).
It later made an impressive IPO debut on June 5 as it opened at $69, 124.19% above the IPO price of $31. The IPO was underwritten by a group of Wall Street giants, including JP Morgan Chase, Citigroup, and Goldman Sachs.
The previous CRCL ATH was around $138 which it hit a week ago. In fact, its trading was halted multiple times due to limit up-limit down rules due to a stock's price or trading volumes experiencing extreme volatility.
Circle is the company behind the U.S. dollar-pegged USDC stablecoin. It is a type of cryptocurrency that attempts to keep its price stable, unlike traditionally volatile cryptocurrencies such as Bitcoin .
As per DeFiLlama , the stablecoin market is worth $251.75 billion, with USDC accounting for more than 23% of the market share.
Recently, Circle CEO Jeremy Allaire hailed stablecoins as "the highest utility form of money ever created."
Though the industry is not yet at its "iPhone moment," when developers realized the potential of programmable mobile devices, it will soon realize the power of programmable digital dollars, Allaire added.
At press time, CRCL was trading at $157.07 at the time of writing, up 17.60% a day.
Stock hits new all-time high as Israel-Iran conflict escalates first appeared on TheStreet on Jun 16, 2025
This story was originally reported by TheStreet on Jun 16, 2025, where it first appeared.
