#Circle扩大IPO规模

Circle goes public with a bang, two circuit breakers triggered! Who is quietly making money behind the scenes?

After seven years of hard work, Circle has finally rung the bell at the New York Stock Exchange. The 'compliance myth' of USDC has finally been certified by Wall Street. Starting its public listing journey in 2018, it endured bear markets, regulatory crackdowns, and even a failed SPAC listing, but nothing could hold it back. Now, this marathon has finally crossed the finish line, and the story of stablecoins has opened a new chapter.

On the first day of trading, Circle (CRCL) went wild — the stock surged at the open, triggering two circuit breakers, with the price once hitting $103 and a market cap surpassing $20 billion. Originally priced at $31 for the IPO, raising $1.1 billion, the market played by its own rules, with oversubscription reaching 25 times. This isn't just an IPO; it's a celebration.

Why now?

The Trump family is getting into stablecoins, Wyoming is pushing for a 'state version of USDC', and traditional banks like JPMorgan are also quietly positioning themselves. No matter how strong Circle's compliance reputation is, it fears the 'national team' coming in to take its share. Going public is about getting a head start, to firmly establish its 'orthodox' status before regulatory waves crash down. However, the prospectus also reveals another side: shareholders are cashing out like crazy, with early institutional investors reducing their stakes by over 10%, and even the CEO sold 8%. The feast of the capital market has always been one where some eat meat while others sip soup.

Who else is taking off?

Old shareholders are waking up with smiles: institutions like Baidu and Everbright Holdings that bet early are now reaping the rewards. Everbright Holdings’ stock price surged 38% in a week, and the market has already voted with its feet. Coinbase is winning by doing nothing: although it has separated from Circle, Coinbase can still take a half 'toll fee' from USDC, and its Layer 2 network Base is dominated by USDC (accounting for 90%).

Tokens in the crypto circle are buzzing:

ENA: A new favorite among stablecoins, emotions running high;

ONDO: BlackRock just invested heavily to support Circle, and ONDO’s U.S. treasury token is tied to BlackRock’s BUIDL fund;

MKR: USDC is the main collateral for MakerDAO, thriving together;

CRV: USDC is a major player in the Curve pool, enjoying liquidity bonuses.

Circle’s public listing not only gilded USDC but also officially brought stablecoins from the 'gray area' into the mainstream financial arena. From now on, anyone who says stablecoins are a wild path will first face Wall Street's dissent.

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