Circle Co-founder Jeremy Allaire Attains Billionaire Status as the Cryptocurrency Firm's Stock Surges Upon Its Launch
- Fay Wong
- Jun 8
- 1 min read
Jeremy Allaire, co-founder of Circle Internet Group Inc., had a significant increase in his wealth, surpassing $1.7 billion on Thursday, as the company's shares nearly tripled on its inaugural trading day.
The stablecoin issuer set the price of its shares at $31 each in a broadened initial public offering, generating about $1.1 billion. The shares increased by 168%, concluding at $83.23 in New York trade, notwithstanding several volatility halts, as reported by Bloomberg.
Allaire, 54, divested around 1.6 million shares in the transaction and retains ownership of approximately 18 million shares, in addition to options and restricted stock units.
Allaire, the founder of Circle in 2013 and its CEO, with a substantial history in managing technology companies.
In 1995, he co-established Allaire Corp. alongside his brother. The firm, which specialized in internet-centric technology, went public in 1999 and was subsequently acquired by Macromedia Inc. for $360 million two years later.
In 2004, Allaire established Brightcove, a video platform, and held the position of CEO until 2013.
Circle, headquartered in New York, issues USDC, an asset-backed stablecoin with a circulation of roughly $61 billion as of May 29, according to the company's website.
Stablecoins are digital tokens generally linked to the value of a currency and backed by reserves.
Circle's principal competitor, Tether, with a circulation of approximately $154 billion. Recently, World Liberty Financial, owned by Trump, introduced USD1, with a circulation surpassing $2 billion.
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