Circle, as the world's second largest stablecoin issuer USDC, has officially submitted an IPO application, marking a key step in the deep integration of the cryptocurrency industry with the traditional financial system.

The U.S. Congress has recently accelerated the advancement of the GENIUS Act and the STABLE Act, requiring stablecoin reserve assets to be 100% backed by cash or cash equivalents and subject to regular audits. If these acts are passed, they will provide policy benefits for Circle, which is more compliant, while Tether (USDT), which lacks transparency, may face greater pressure. In September 2024, Circle will relocate its headquarters to One World Trade Center in New York, a move that not only strengthens its ties with Wall Street but also demonstrates confidence in the U.S. as a leader in cryptocurrency regulation, echoing the Trump administration's support for the 'digital dollar'. By March 2025, the circulation of USDC reached $60 billion, a historic high, solidifying its position as the second largest stablecoin in the market. Its transparency (regular audits) and compliance (such as market entry in Japan) have become core advantages in attracting institutional clients. Collaborations with Visa and Intercontinental Exchange (ICE) are promoting the application of USDC in payment, derivatives trading, and other scenarios, enhancing capital efficiency.