$USDC

USDC 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.