The IPO of Circle (#Circle扩大IPO规模 ) is of great significance for $USDC, stablecoins, and the future of the cryptocurrency industry. It is the first public offering of a stablecoin, marking the industry's move towards mainstream financial markets, enhancing market confidence in stablecoins, and promoting their wider application. It will also encourage more institutions to adopt stablecoins for cross-border payments, trade settlements, and more. For the entire cryptocurrency industry, this provides a traditional exit path, attracting more capital inflow and accelerating industry development. However, the IPO also brings regulatory challenges; if regulatory policies tighten, it may limit Circle's business scope or increase compliance costs, affecting investor confidence. Additionally, the profitability of stablecoin businesses is related to interest rate fluctuations; a decline in interest rates may compress profits and impact market expectations for stablecoins. Overall, the IPO has the potential to enhance investor trust, but there remains uncertainty in the market.