Circle Shares Surge 167% on Market Debut Uber Eyes Stablecoins for Cross-Border Payments Plume Network Launches Mainnet with $150 Million in Tokenized Assets

Circle, the company behind the USDC stablecoin, made a significant debut on the market with its shares surging 167% on their first day of trading, closing at $83 after opening at $31. The stock hit an intraday high of $104, drawing comparisons to Coinbase’s initial public offering (IPO) in 2021, which saw a similar explosive start followed by a decline. The market’s enthusiasm for Circle’s debut was evident, but the long-term performance remains to be seen, as Coinbase’s shares dropped below $200 just a month after peaking at $430. The impact of Circle’s IPO extended beyond equities, with on-chain data showing a 22% increase in trading volume for Circle’s USDC token in 24 hours. Tether’s USDT, the market’s largest stablecoin, also experienced a 13% rise in volume.

Uber is once again exploring the possibility of allowing customers to pay with cryptocurrency, this time focusing on stablecoins for cross-border payments. CEO Dara Khosrowshahi highlighted stablecoins as an interesting application of crypto during an on-stage interview. This is not the first time Uber has considered crypto payments. In 2021, Khosrowshahi mentioned the company would look into accepting bitcoin and other cryptocurrencies. However, he later clarified that Uber had no plans to hold crypto on its balance sheet, preferring to keep its cash safe. By early 2022, Khosrowshahi was again optimistic about the potential for crypto payments, stating that Uber would “absolutely” accept crypto at some point, though the timing was not right.

Plume Network, a blockchain project focused on real-world asset (RWA) tokenization, launched its mainnet with $150 million in tokenized assets deployed on-chain. The modular, Ethereum Virtual Machine-compatible Layer 2 is backed by major investors including Apollo Global, Haun Ventures, and Galaxy. Plume’s infrastructure is designed to bring billions of dollars in traditional assets into decentralized finance (DeFi), spanning sectors from renewable energy and healthcare to consumer credit and corporate lending. At launch, Plume users can access "Nest vaults," institutional-grade smart contracts that allow users to stake stablecoins and receive yield-bearing tokens backed by tokenized real-world assets. These tokens can then be used in other DeFi protocols as collateral or to borrow additional capital in a process known as “looping.”