#Circle扩大IPO规模
Circle goes public, experiencing two trading halts—who is quietly making money behind the scenes?
After seven years of preparation, USDC's 'compliance persona' has finally been certified by Wall Street. Starting from 2018, going public has been a struggle, surviving bear markets and dodging regulatory crackdowns, even failing once during a SPAC attempt, Circle has now seized the opportunity presented by the GENIUS Act to ring the bell. Upon opening, the stock surged directly to $103, hitting trading halts twice, with a market cap exceeding $20 billion—this isn't just an IPO; it's like the Avengers assembling from the crypto world.
Who is quietly counting money?
Early investors are laughing all the way to the bank. Veteran players like Baidu and Everbright Holdings, who placed their bets in 2016, probably have profits that they can't count fast enough. Everbright Holdings skyrocketed by 38% in a week, and the market has already cast its vote with its feet. Wall Street veterans like Goldman Sachs and Fidelity are even more savvy, positioning themselves well before the IPO and now cashing out happily. Even CEO Jeremy Allaire took the opportunity to sell 8% of his shares; those in the know understand.
Coinbase is winning effortlessly. Although the CENTRE alliance has disbanded, Coinbase can still share half of USDC's revenue, and 90% of the stablecoins on its Layer 2 network Base are USDC. This connection means COIN's stock price must capitalize on the hype.
Ripple effects in the crypto world
ENA, ONDO: Hot targets in the stablecoin narrative, BlackRock just invested in Circle, and ONDO is backed by BlackRock's BUIDL fund, making them directly related.
MKR, CRV: MakerDAO has a bunch of USDC as collateral, and Curve's pools are dominated by USDC, allowing old DeFi projects to tell new stories.
Hong Kong stocks Zhong An, OSL: The competition for stablecoin licenses in Hong Kong has begun, making these 'licensed parties' suddenly very desirable.
Circle's IPO is superficially a victory for compliance but is, in essence, another clandestine collaboration between the crypto world and traditional finance. With a stock price backing, USDC has fully transitioned from a 'gray area' to a capital game. Next, if giants like JPMorgan and Citigroup enter the stablecoin arena, it will truly be a clash of titans.
In short: Circle's IPO is not the end; it's the starting point of a new arms race. Retail investors, buckle up.
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