Excitement for stablecoins has driven Circle's stock price up nearly six-fold within a month of the company's public debut.

The hype around stablecoins has hit a deafening volume, but anyone expecting a crypto-fueled revolution in how Americans pay for everyday goods is going to be disappointed.

New York-based stablecoin issuer Circle, which went public last month, has a market value of $40 billion, or nearly 500% higher than what the company thought it was worth a month ago. Stablecoin-focused press releases are flooding in, with $95 billion payments giant Fiserv saying it will release its own dollar-backed token, and Stripe announcing a partnership where consumers can pay Shopify merchants with stablecoins. Amazon and Walmart have reportedly considered launching their own digital-dollar token, news that caused Visa’s stock to drop 5%. Stablecoins are even being touted by analysts as one

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