Stable News: Circle's IPO, big tech on the move, and the race for stablecoin infrastructure

Stable News is Lumx’s weekly curation of the main developments in the stablecoin ecosystem and their impact on the digital financial market. In this edition, we analyze the success of Circle’s IPO and its implications for issuer valuations, clear signs of adoption by major tech companies like Apple, Google, and Uber, and Mastercard and JPMorgan’s continued advances in their stablecoin strategies.

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Circle’s IPO: A New Benchmark for Stablecoin Issuers

Circle’s debut on the NYSE marked a turning point for the industry. Initially priced at $31, the stock peaked at $138, a 345% increase in just a few days. The company raised $1.05 billion by selling 34 million shares, reaching a diluted valuation of $8.1 billion.

Beyond the numbers, Circle has become the first native stablecoin issuer to successfully go public in the US, outperforming historical IPOs such as Meta and Airbnb.

Why it matters:

✅ Establishes a market benchmark for stablecoin issuers based on monetization, regulatory adherence, and institutional synergy.
✅ Reflects investor confidence in the integration of crypto assets and traditional finance.
✅ Strengthens USDC as a stablecoin with institutional backing and solid governance.

Big Techs and the Advance of Stablecoin Payment Infrastructure

According to Fortune, Apple, Google, X, Uber, and Airbnb are already exploring or testing the use of stablecoins for payments and international settlements. Google tested stablecoin payments, Airbnb is in talks with Worldpay, and X aims to integrate them via X Money.

This movement is being accelerated by progress on the GENIUS Act in the US Senate, which, despite facing resistance, is pushing regulated issuers like Circle and Tether closer to Big Tech partnerships.

Why it matters:

✅ Adoption by major platforms legitimizes stablecoins as a transactional infrastructure.
✅ Encourages partnerships between issuers and regulated companies, reinforcing the institutional layer of the ecosystem.
✅ May reshape the payments landscape, with stablecoins acting as global financial rails.

Uber Signals Interest in Stablecoin Adoption

During the Bloomberg Tech Summit, Uber CEO Dara Khosrowshahi revealed that the company is studying the use of stablecoins to reduce operational costs and speed up payments across its global operations.

With a presence in dozens of countries, Uber represents a strong corporate use case, especially in emerging markets with higher FX friction.

Why it matters:

✅ Stablecoins can speed up payments and reduce costs from financial intermediaries.
✅ Marks the beginning of potential pilots and future integrations.
✅ Uber’s entry brings stablecoins closer to everyday global use cases.

Mastercard Expands Stablecoin Payment Capabilities

In partnership with Nuvei, OKX, and Circle, Mastercard announced the launch of cards with real-time stablecoin-to-fiat conversion. The solution enables payments at over 150 million merchants, making crypto payments as seamless as traditional ones.

This move expands Mastercard’s integrations with issuers and exchanges, solidifying its position as a key player in retail stablecoin infrastructure.

Why it matters:

✅ Boosts everyday use of stablecoins, both online and offline.
✅ Reinforces USDC as the preferred asset for commercial use cases.
✅ Highlights regulatory clarity as a central driver of adoption.

JPMorgan Puts Stablecoins at the Center of Institutional Strategy

The largest bank in the US announced it will accept crypto ETFs as collateral for loans and consider digital assets when calculating client net worth. At the same time, it is reportedly discussing the creation of an institutional stablecoin, possibly as part of a consortium.

This repositioning follows the launch of JPM Coin and signals a new wave of integration between traditional banks and crypto.

Why it matters:

✅ Legitimizes crypto assets as institutional financial instruments.
✅ Indicates banks want a central role in shaping the new digital infrastructure.
✅ A banking consortium could offer a stablecoin alternative focused on B2B settlement and interoperability.

The Year of Institutional Stablecoins?

This week’s developments reinforce a thesis we’ve been closely tracking: stablecoins are moving from narrative to infrastructure. Circle’s IPO, Big Tech testing, and Mastercard and JPMorgan’s advances suggest we are entering a new cycle in which stablecoins play a central role in the digital financial system.

At Lumx, we continue to monitor this transition, connecting technological innovation to real market needs.