Circle's IPO (stock code CRCL, expected to be listed on Nasdaq on June 5, 2025, with a valuation of approximately $7.2 billion) as the issuer of the stablecoin USDC has a significant impact on the cryptocurrency market, especially on projects related to stablecoins and the tokenization of real-world assets (RWA). Below are potential beneficiaries based on recent information analysis of new coins or related projects:
1 On-chain projects related to USDC:
◦ SUI: Circle announced native USDC support for the Sui blockchain at the Token 2049 event in 2023, enhancing the liquidity and payment capabilities of the Sui ecosystem. Circle's IPO may further boost the growth of DeFi and payment applications on the Sui chain, benefiting $SUI.
◦ APT (Aptos): Circle previously invested in projects like Aptos with institutions such as Jump Trading. Circle's IPO may increase the attention on these projects, indirectly benefiting $APT.
◦ SEI: Similarly, Circle has participated in investing in the Sei network, and its IPO may bring more capital and user attention to the Sei ecosystem, benefiting $SEI.
◦ MONAD: Circle announced that it will support USDC and the Cross-Chain Transfer Protocol (CCTP V2) on the first day of launch on the Monad blockchain, which will provide liquidity for DeFi, gaming, and payment scenarios in the Monad ecosystem, benefiting $MONAD-related tokens (if already issued).
2 Tokenization projects related to RWA (real-world assets):
◦ Recently, Circle acquired the RWA issuer Hashnote for $99 million, which issued USYC (U.S. Yield Coin) worth $1.3 billion, one of the largest tokenized U.S. Treasury products. Circle's IPO and the RWA boom may further elevate projects related to tokenized assets, such as $USYC or other RWA concept coins.
◦ Other RWA-related tokens, such as $ONDO, $RBN (Ribbon Finance), or $MKR (MakerDAO, due to its support for stablecoin and RWA integration), may benefit from market enthusiasm for RWA.
3 Stablecoin-related ecosystem:
◦ MKR (MakerDAO): The DAI stablecoin from MakerDAO has a certain market competitive and cooperative relationship with USDC. Circle's IPO may stimulate overall attention in the stablecoin sector, indirectly benefiting $MKR.
◦ Coinbase-related tokens: As a distributor of USDC and a shareholder in Circle, Coinbase's earnings are closely tied to the growth of USDC. On-chain projects supported by Coinbase or tokens in its portfolio (such as $HBAR, $LTC) may benefit from market sentiment.
