When stablecoin issuer Circle recorded a $482 million loss in the second quarter, it sent the firm’s stock tumbling 15% in a single day. Despite the volatility, the USDC issuer still trades at a whopping $36 billion valuation, up 115% from its public offering price. Insatiable demand for stablecoins among Wall Street investors, according to Colin Butler, head of global financing at crypto treasury firm Mega Matrix. Soaking up demandWith no signs that Tether, the stablecoin market’s largest issuer, intends to go public, smaller firms are seeking to capitalise on investor demand. On September 15, Gemini, the crypto exchange and issuer of the GUSD stablecoin, went public.