On the first day of listing, Circle surged 168% and triggered circuit breakers multiple times. Why did Circle leverage traditional capital? On June 5th, stablecoin giant Circle was officially listed on the New York Stock Exchange. It surged at the opening and triggered multiple circuit breakers during trading, closing at $83.23, a 168% increase from its issue price, with a market value of $18.4 billion. As the "first stock of stablecoins", Circle not only refreshed the first day performance of cryptocurrency IPOs, but also marked a key milestone for stablecoins to enter the mainstream capital market. The IPO subscription was booming, but behind the 25 times over allotment, it also sparked controversy. The veteran cryptocurrency institution Arca only received a quota of $135000 and publicly criticized Circle for leaning towards traditional financial capital, announcing the discontinuation of USDC. At the same time, Wall Street giants such as BlackRock and JPMorgan have quietly entered the market, reflecting the high recognition of traditional capital for the stablecoin track. On the return side, investors in previous rounds have ushered in a concentrated redemption window: The return on investment in the C round exceeds 90 times, the D round exceeds 40 times, and the E round still has a return of more than 6 times. Even those who entered the high valuation point in 2022 have gained a return of 2.5 times. However, there are also doubts beyond the 'hype'. The CEO of Tether previously stated that he is not optimistic about its profitability, while the founder of BitMEX warned that the IPO boom may lead to a new round of overheating. The native circle of encryption is relatively cold, while traditional institutions are quietly laying out their long-term strategies to promote the integration of encryption and finance. As the issuer of the world's second-largest stablecoin USDC, Circle has chosen the conventional IPO path for this listing, accepting higher regulatory thresholds and refusing to engage in "lightning cash out". This not only enhances market confidence, but also indicates that compliant stablecoins will play a more important role in the new financial architecture. Circle's IPO may just be the beginning of this trend.