Family! I stayed up all night devouring Circle's prospectus, and now I'm on fire🔥 This epic comeback is even more thrilling than a Hollywood blockbuster, so let's get straight to the point👇

🔥 A rebound after a valuation crash! BlackRock leads the charge in buying!

Do you remember the tragic case of the SPAC merger being hammered by the SEC in 2022? At that time, the valuation of 9 billion was directly halved to cancellation🤯 But three years later, Circle is back with a bang! The IPO pricing went from $24-26 to a hard push of $27-28, with valuation rising to $7.2 billion💸

BlackRock directly bought 10% of the shares! Cathie Wood invested $150 million! This operation has directly labeled Circle with the "traditional finance certification" tag💎 It's worth noting that BlackRock manages $10 trillion in assets, and their entry is equivalent to giving cryptocurrency an "adult ID card"🚀

🤑 USDC firmly sits at number two but is backstabbed by DeFi protocols?

Circle's ace USDC has a market value of $60 billion, firmly holding 25% of the stablecoin share (second only to USDT's 61%)💪 But DefiLlama's data shows a reversal: PancakeSwap's trading fees in the past 24 hours were $6.71 million, outperforming Circle's $6.35 million to become the second! Did this operation directly breach USDC's defenses?

Don't panic! This time, PancakeSwap is entirely supported by Memecoin TST, with the TST/WBNB trading pair showing a daily trading volume explosion of $130 million💥 This kind of short-term speculation is like fireworks, while USDC is rooted in cross-border payments, DeFi lending, and other essential scenarios, with a trading volume of $27.6 trillion in 2024, which is 8% more than Visa + Mastercard combined! Steadily grasping the real-world essentials🤑

🌐 New Battlefield for RWA! Is Circle going to bring real assets on-chain?

Besides stablecoins, Circle also has the ace up its sleeve with RWA (real asset tokenization)! Although specific projects are still confidential, the industry trend has already exploded💥 Goldman Sachs and JPMorgan are both developing their own RWA platforms, and A-share concept stocks are collectively soaring🛫

As the issuer of USDC, Circle is inherently a bridge for RWA! In the future, you can use USDC to directly buy U.S. government bonds, real estate, or even company equity, with blockchain real-time settlement being 10 times faster than traditional finance! Guosheng Securities has stated that stablecoins + RWA are a dual engine with unlimited potential🌍

🔒 Regulatory Roadmap! How deep is Circle's compliance moat?

Circle's ability to succeed in this IPO relies entirely on the sudden change in the regulatory environment! The U.S. (GENIUS Act) has tied stablecoins to government bonds, and Hong Kong's (stablecoin regulations) officially took effect, requiring a paid-in capital of 25 million + strict reserve management🧾

Circle has long been audited by Deloitte, with USDC reserves of 100% U.S. government bonds + cash, achieving full transparency! Visa and Mastercard have integrated USDC into their payment networks, and Bank of New York Mellon is custodian of the reserves🏦 In contrast, USDT has recently been delisted in Europe due to MiCA regulations, leading to a stark comparison😱

⚠️ Risk Warning! The sword of Damocles hangs high.

Although Circle seems as stable as a rock, these three major risks must be heeded⚠️:

1. Regulatory Flip-Flop: The SEC may ramp up regulation at any time; Hong Kong is open but mainland China still prohibits private stablecoins.

2. DeFi Competition: PancakeSwap leveraged Memecoin this time, but there may be new playstyles next time.

3. Financial Contradiction: 2024 revenue of 1.676 billion, but net profit plummeted by 42% to 156 million, making cost control crucial.

🚀 Conclusion: Is the victory of stablecoins real or a bubble?

From SPAC failure to a $7.2 billion IPO, Circle's comeback is legendary! Backed by BlackRock + USDC status + RWA potential, all of these are hard currencies💎 But PancakeSwap's rise also reminds us: the crypto world is never short on variables.

If USDC can really reach a market value of $37 trillion by 2030 as Citigroup predicts, then the $7.2 billion valuation might just be the tip of the iceberg! But before that, we need to keep an eye on regulatory trends, DeFi competition, and Circle's cost control—after all, the crypto world has always been a matter of life and death🌪️

Finally, quoting Cathie Wood: "Stablecoins are the oil of the digital economy, and Circle is the company that controls the oil field." Do you think Circle can laugh to the end? Waiting for your battle in the comments💬#Circle扩大IPO规模 #Circle $USDC