#MyTradingStyle issuer Circle’s “moon landing moment” of its IPO and subsequently soaring stock price do little to change the stability of its flagship stablecoin, S&P Global analysts told Decrypt. But questions remain over what might happen if the publicly traded issuer were to go bankrupt.

“The IPO is completely neutral to the stablecoin stability assessment,” S&P Global Ratings analyst Muhammad Damak told Decrypt.

“Going public is not really changing any of the key metrics or issues that we follow for the SSA,” Damak’s fellow S&P analyst, Lisa Schroeer, added. “The clarity that matters most is likely to come from legislation, not corporate structure.”

The S&P analysts were very careful not to use Circle and USDC interchangeably. The former is a publicly traded company and the latter is its flagship stablecoin, which is governed by smart contracts on chains including Ethereum and Solana.

And, if USDC works as intended, then its reserves would survive the demise of its issuer. But that’s where the uncertainty creeps in, and why USDC was docked a point on its stablecoin stability assessment in December.