Jeremy Allaire, who founded the cryptocurrency firm Circle Internet Group Inc., experienced a significant surge in his fortune reaching more than $1.7 billion on Thursday. This occurred as the company's shares almost tripled in value during their first day of trading.
The company behind the stablecoin set the price of its shares at $31 each for an enlarged initial public offering, which raised approximately $1.1 billion. Despite several instances where trading was halted due to volatility, the share prices climbed dramatically, finishing at $83.23 during New York stock exchange hours. Bloomberg .
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Jeremy Allaire (fourth from left), CEO and co-founder of Circle Internet Financial Group, which issues one of the largest stablecoins globally, participates in ringing the opening bell at his firm’s initial public offering event in New York City, USA, on June 5, 2025. The photograph was taken by Reuters. |
Allaire, aged 54, sold around 1.6 million shares in the offering but still holds roughly 18 million shares, plus options and restricted stock units.
Allaire, who founded Circle in 2013 and currently acts as its CEO, boasts a rich history of steering technology companies.
In 1995, he established Allaire Corp. alongside his sibling. This firm specialized in web-centric software solutions and made its initial public offering in 1999 before being purchased by Macromedia Inc. for $360 million in 2001.
In 2004, Allaire established Brightcove, a video platform, where he acted as CEO up until 2013.
Based in New York, Circle issues USDC, which is asset-backed stablecoin With a circulation of around $61 billion as of May 29, according to the company’s website.
Stablecoins are digital tokens usually linked to the value of a specific currency and backed by reserves.
The main rival to Circle, Tether, boasts a circulating supply of approximately $154 billion. More recently, USD1 was introduced by World Liberty Financial, which is owned by Trump, and this currency has seen a circulation surpassing $2 billion.
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