Digital investment firm Arca has sold its entire stake in Circle after publicly criticizing the stablecoin issuer’s initial public offering (IPO) process.

The public offering represents an “accelerant” for Circle as it seeks to establish itself at the heart of a new “internet financial system,” CFO Jeremy Fox-Geen said.

The point of a stablecoin is that it is highly predictable. These digital tokens, whose value is pegged to dollars or euros, are a bit like money in the bank, but with the virtue of being transferable without the delays that vex old-style bank customers.

Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world's biggest stablecoins, reacts to the price of first trade, on the day of the company's IPO, at the New York Stock Exchange (NYSE), in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo

Gemini, a cryptocurrency exchange platform backed by the billionaire Winklevoss twins, has filed to go public on the heels of the frenzied debut by stablecoin issuer Circle Internet Group Inc.

Circle's $1.1 billion IPO on Thursday highlighted Wall Street's increasing interest in stablecoins, particularly Ethereum. With over half of USDC's supply on Ethereum, the network stands to benefit from USDC's growth in DeFi. Analysts believe this development will bring more liquidity and excitement to Ethereum.

The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

Circle Internet's shares soared on the New York Stock Exchange, marking the second-largest crypto company listing. The stablecoin issuer, valued at $18 billion, opens doors for future crypto IPOs amid growing digital asset interest and bullish regulatory development.