Circle, the second largest stablecoin giant, submitted its prospectus at the end of May in preparation for its listing on Nasdaq, with an initial valuation estimated at 5.4 billion dollars. Unexpectedly, a few days later, perhaps due to the trending concept of stablecoins + R,WA, Circle announced that it had raised its valuation from 5.4 billion dollars to 7.2 billion dollars.
The concept of R,WA has changed significantly since the beginning of this year. Favorable US and Hong Kong policies for stablecoins, BlackRock's focus on R,WA projects, and the entry of established investors into the stablecoin space have rapidly propelled the concepts of R,WA and stablecoins, even causing the concept's stocks to peak in the Hong Kong markets and Chinese A-shares.
As the third giant in the cryptocurrency industry to go public on Nasdaq (after Coinbase and Antalpha), what related targets can the cryptocurrency market speculate on?
ONDO
BlackRock announced the purchase of 10% of Circle's IPO shares at the end of May, becoming a new shareholder in Circle. BlackRock's most important partner in the R,WA path is Ondo. The US Treasury token OU,SG from Ondo uses BlackRock's BU,IDL fund as one of its main core assets, where users' purchase of OU,SG indirectly equates to owning shares in BlackRock's US Treasury fund.
However, the market value is very high, as the value of $ONDO is currently 2.6 billion dollars.
KTA
The close relationship between Coinbase and Circle needs no explanation. Therefore, in addition to being positive for the CO,IN stock, the listing of Circle also allows for the exploration of the Base blockchain. The market has already responded: KTA, a R,WA blockchain on Base, has risen 10-fold in one month and now has a market value of 400 million dollars. In retrospect, the combination of Base+R,WA+the small market value of KTA has made it a very suitable leading option.
ENA
Although it is not directly related to Circle, it is still a target for the stablecoin concept that will be prioritized and has seen speculation. Coinbase has just urgently added $ENA to its listing plan, apparently in anticipation of market movements. With a market value of 1.9 billion dollars, it seems more favorable compared to ONDO.
B
This is a very secretive path. Previously, Block Beats conducted an interview regarding some USDC analyses, mainly because the issuance of USDC is different from before, but the destination of these dollars is strangely mysterious.
Upon review, it was concluded that since January 2024, Circle's treasury address has been continuously converting USDC to#Binance , likely in preparation for the IPO to increase activity. It stated: "More dramatically, on the same day as the first major USDC transfer - January 31, 2024 - Binance Earn launched a limited-time promotional offer that includes USDC, and this timing coincidence is almost impossible to be a coincidence."
So under the support of USDC+USD1, will B from BSC, a meme stablecoin valued at 400 million dollars, be chosen by market funds?
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