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🌙 Circle Debuts on NYSE, Trading 223% Higher Than IPO Price

Cryptocurrency markets were volatile on Wednesday as President Donald Trump’s new tariffs on metals took effect and traders awaited U.S. labor data that could influence the Federal Reserve’s next interest rate decision.

Author

Mike Gavela
June 05, 2025

In partnership with

Crypto Roundup - June 5

Circle’s IPO debut on the NYSE marked a milestone for stablecoin issuers, with shares opening at $69 and reflecting strong institutional demand. However, retail crypto investors, still reeling from past market trauma, reacted by selling off assets amidst the euphoria. Meanwhile, the World Economic Forum projected explosive growth in decentralized physical infrastructure networks (DePIN), forecasting the sector to reach $3.5 trillion by 2028.

Top Stories

  • Circle shares open at $69 on NYSE, highlighting confidence in stablecoin firms and strong institutional appetite.

  • Retail crypto investors sell off post-IPO, reflecting deep market trauma and lingering PTSD from past crashes.

  • DePIN sector projected to hit $3.5T by 2028, according to the World Economic Forum, signaling growing adoption of decentralized infrastructure.

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TOP STORIES

Circle IPO News: Circle (CRCL) Debuts on NYSE, Trading as Much as 223% Higher Than IPO Price

The stablecoin issuer’s IPO arrives as investors brace for more market headwinds and regulatory change while stablecoin demand grows.

www.coindesk.com/markets/2025/06/05/circle-shares-open-at-69-on-nyse-debut-signaling-strong-appetite-for-stablecoin-issuers

Bitcoin News (BTC): Prices Head Lower as Circle IPO Revives Memories of the Coinbase Top

Coinbase's April 2021 debut marked what was then an epic price top for bitcoin.

www.coindesk.com/markets/2025/06/05/ptsd-afflicted-crypto-investors-hit-the-sell-button-after-circles-euphoric-ipo

DePIN Will Grow to $3.5 Trillion by 2028: World Economic Forum - "The Defiant"

Decentralized physical infrastructure networks (DePIN) are set to grow from a $30 billion to $50 billion range sector today to $3.5 trillion by 2028, according to the World Economic Forum (WEF).

thedefiant.io/news/infrastructure/depin-will-grow-to-usd3-5-trillion-by-2028-world-economic-forum

FUNDRAISING

OTHER HEADLINES

HTX withdraws $570M from Aave, briefly spikes lending rates

Justin Sun-advised HTX withdrew $570M from Aave, briefly spiking borrowing and lending yields, before depositing $600M back into the protocol.

protos.com/htx-wthdraws-570m-aave-deposits-600m

XRP treasury buying jumps as Chinese firm lays out $300m in unusual deal

Webus plans to build out a $300 million XRP treasury. The China-based company is using a different method than MicroStrategy. Bitcoin treasury companies have been exploding.

www.dlnews.com/articles/markets/xrp-treasury-buying-jumps-as-chinese-firm-piles-in-with-deal

Hyperliquid-based Felix Protocol Crosses $100 Million in Outstanding Loans - "The Defiant"

Activity on the lending protocol is increasing alongside the rest of the Hyperliquid ecosystem.

thedefiant.io/news/defi/hyperliquid-based-felix-protocol-crosses-usd100-million-in-outstanding-loans

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