#Circle扩大IPO规模

The world's second largest stablecoin giant Circle

went public on the New York Stock Exchange last night and started trading.

This is the second largest native US stock listing

in the cryptocurrency industry after the largest

cryptocurrency trading platform in the United States, Coinbase, in 2021.

Four years ago, Coinbase's listing marked the peak moment for Bitcoin,

and four years later, it coincides with a new cycle of bull and bear market in cryptocurrency.

Circle's public listing presents a new narrative: stablecoins.

In simple terms, a stablecoin is the tokenization of the US dollar,

with its value pegged to the dollar, 1 token = 1 dollar.

For a detailed interpretation of stablecoins,

you can refer to "Regarding Stablecoins, the Federal Reserve understood it three years ago."

Stablecoins, along with the concept of RWA

(real-world assets on-chain) that it implies,

have been significantly different from previous years since the beginning of this year.

The favorable stablecoin policies in the US and Hong Kong,

combined with the attention of Wall Street giants like BlackRock

toward RWA projects, along with a wave of old money entering

the stablecoin landscape, have rapidly brought RWA and stablecoin concepts into the spotlight.

Circle, which was not previously regarded highly,

is now experiencing a surge in IPO valuation,

as BlackRock and Cathie Wood compete to snatch up IPO shares,

with the valuation rising from $5.4 billion

to around $7 billion now.