Circle, as the world's second-largest stablecoin issuer USDC, has officially submitted its 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 bills pass, they will provide regulatory advantages for the more compliant Circle, while Tether (USDT), which lacks transparency, may face greater pressure. In September 2024, Circle will move its headquarters to One World Trade Center in New York, a move that not only strengthens its ties to Wall Street but also demonstrates confidence in the U.S. as a leader in cryptocurrency regulation, echoing the Trump administration's support for a 'digital dollar.' As of March 2025, the circulation of USDC reached $60 billion, hitting a historic high and firmly securing its position as the second-largest stablecoin in the market.