Although the crypto craze is rapidly shifting to the stock market, traditional crypto investors are skeptical of this phenomenon, believing that this enthusiasm is driven by the growth logic of 'traditional payment stories' rather than 'crypto stories', and that the related Company Valuation should not remain consistently higher than the value of the Assets themselves; they think that the one-to-one Exchange Rates between stablecoins and the dollar have limited utility and may primarily be due to Trade.
The cryptocurrency market boom is sweeping the global stock market in unexpected ways.
According to media reports, following the stablecoin issuer, $Circle (CRCL.US)$ the stock price skyrocketed 8 times within two weeks after the IPO, and multiple Cryptocurrency Exchanges including Kraken, Gemini, and Bullish are preparing for their listings, with OKX, one of the top three cryptocurrency exchanges globally, clearly indicating that it is considering an IPO in the United States.
The shift in the U.S. policy environment has provided momentum for this boom, as Trump's supportive stance towards the cryptocurrency industry and the anticipated easing of regulations have significantly boosted market confidence.
OKX Chief Marketing Officer Haider Rafique stated that the United States has undergone a "significant shift" in its attitude towards cryptocurrencies since the previous administration:
"We will definitely consider an IPO in the future, and if we list, it is very likely to be in the United States."
Rob Hadick, a partner at cryptocurrency venture capital firm Dragonfly, commented:
"It is unlikely there will be a better time for an IPO than now; people are accelerating the timeline."
The crypto craze has shifted to the stock market, and valuation premiums have sparked heated discussions.
Unlike the traditional cryptocurrency market, the current craze is more evident in stock market performance.
Could stablecoins become the new trend? Futu News has compiled a list of stocks related to stablecoins for mooers' reference:

Since Circle's IPO on June 5 at a price of $31, its stock price has soared to $240, with a market cap reaching $58 billion, making it one of the companies with the largest first-day gains in million-dollar IPOs in recent years.
MicroStrategy (now called Strategy) has become a popular subject in the market by holding Bitcoin. According to statistics from crypto consulting firm Architect Partners, since Strategy first purchased Bitcoin in 2020, global publicly listed companies have announced fundraising of at least $72 billion for acquiring crypto assets, with most trades occurring in 2025.
Jeff Dorman, Chief Investment Officer of crypto fund management company Arca, pointed out:
"The interest in cryptocurrencies among investors who have not yet invested is far higher than that of actual cryptocurrency users. The performance of cryptocurrency stocks or proxy stocks has been better than that of cryptocurrencies themselves, and this situation has persisted for three to four months."
Eighteen months ago, the presence of the cryptocurrency industry in the stock market was very small. This changed in early 2024 after the approval of the Bitcoin spot ETF.
Differences between the crypto 'natives' and the new stock market elites are becoming evident.
Despite the excitement in the stock market for crypto-related companies, there are significant divisions within the investor community.
Traditional crypto investors are skeptical about the current premium phenomenon, believing that the valuation of publicly traded companies holding crypto Assets should not remain consistently higher than the value of the Assets themselves.
Hadick from Dragonfly stated:
"When the premium disappears, investors will quickly sell their Stocks, and these phenomena are often short-lived."
Last week, after SharpLink Gaming, which holds Ethereum, announced that it would allow private placement investors to sell their shares, its stock price plummeted by 70%, demonstrating the high volatility of the market.
Their views on stablecoins also differ, as stablecoins have a one-to-one Exchange Rate with the US dollar.
Hadick noted that crypto investors believe Circle's stablecoin has limited uses, primarily for Trading. In contrast, stock market investors are more optimistic about the future of stablecoins, betting that they could become a major payment tool in the financial system.
Hadick stated:
The growth story we are talking about now is not a crypto story, but a traditional payment story... This is a world that the vast majority of crypto people do not understand at all.
Editor/rice