Jeremy Allaire, co-founder of cryptocurrency company Circle Internet Group Inc., saw his wealth soar to over $1.7 billion on Thursday as the company’s stock nearly tripled on its debut trading day.
The stablecoin issuer priced its shares at $31 each in an expanded initial public offering, raising close to $1.1 billion. The shares surged 168%, closing at $83.23 in New York trading, despite multiple volatility halts, according to Bloomberg.
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Jeremy Allaire (4th from L), CEO and co-founder of Circle Internet Group, the issuer of one of the world’s biggest stablecoins, reacts as he rings the opening bell, on the day of the company’s IPO, in New York City, U.S., June 5, 2025. Photo by Reuters |
Allaire, 54, who offloaded approximately 1.6 million shares in the offering, retains ownership of about 18 million shares, along with options and restricted stock units.
Allaire, who established Circle in 2013 and serves as its CEO, has an extensive background in leading tech firms.
In 1995, he co-founded Allaire Corp. with his brother. The company, which developed internet-focused technology, went public in 1999 and was acquired by Macromedia Inc. for $360 million two years later.
In 2004, Allaire founded Brightcove, a video platform, and served as its CEO until 2013.
Circle, based in New York, issues USDC, an asset-backed stablecoin with a circulation of approximately $61 billion as of May 29, per the company’s website.
Stablecoins are digital tokens typically pegged to a currency’s value and supported by reserves.
Circle’s primary competitor, Tether, has a circulation of nearly $154 billion. More recently, World Liberty Financial, owned by Trump, launched USD1, with a circulation exceeding $2 billion.
