At the end of May, the world's second-largest stablecoin giant Circle submitted a prospectus to Nasdaq, estimating its value at 5.4 billion USD at that time. However, just a few days later, due to the booming trend of stablecoins and the RWA concept, Circle raised its own valuation to 7.2 billion USD.
Since the beginning of this year, the RWA concept has shown a markedly different development momentum compared to previous years. The United States and Hong Kong have successively introduced favorable policies for stablecoins, and Wall Street financial institutions represented by BlackRock are paying high attention to RWA projects, with many traditional financial powers rushing into the stablecoin field. These factors combined have rapidly popularized the RWA and stablecoin concepts, influencing the A-share market, with relevant concept sectors once hitting the limit up driven by the Hong Kong stock market.
As the third industry giant in the cryptocurrency sector planning a native IPO on Nasdaq after Coinbase and Antalpha, Circle's every move attracts significant attention. So, in the crypto space, which related targets might迎来炒作契机 due to Circle's listing?
ONDO
BlackRock announced at the end of May that it would subscribe to 10% of Circle's IPO shares, becoming its new shareholder. As BlackRock's core partner in the RWA sector, the US Treasury token OUSG issued by Ondo will include BlackRock's BUIDL fund as core underlying assets, allowing users holding OUSG to indirectly allocate shares of BlackRock's US Treasury fund.
Currently, Ondo's market value reaches 2.6 billion USD, and attention should be paid to the match between its valuation and fundamentals.
KTA
The close relationship between Coinbase and Circle goes without saying. The listing of Circle not only benefits COIN stock, but also the underlying Base public chain ecosystem has potential. Market funds have already indicated direction — the RWA project KTA issued based on Base has increased by 10 times within a month, with a current market value of 400 million USD. From a retrospective perspective, the combination characteristics of 'Base + RWA + small market cap' logically make it a top choice selected by funds.
ENA
Although its connection with Circle is relatively weak, as a representative target of the stablecoin concept, Coinbase has previously experienced explosive trading. Just hours ago, it urgently included ENA in its listing plan, possibly aiming to anticipate the flow of market funds. ENA currently has a market value of 1.9 billion USD, which is slightly less under valuation pressure compared to ONDO.
B
A hidden clue emerges: previously, Rhythm BlockBeats invited @vapor0x to analyze the abnormal issuance of USDC and found the flow of funds to be suspicious. The analysis shows that since January 2024, Circle's treasury address has been continuously transferring USDC to Binance, speculated to be a preheating for an IPO to increase activity. Notably, on the same day as the first large transfer (January 31, 2024), Binance Earn platform launched a limited-time promotion including USDC, and the timing overlap is not coincidental.
With the backing of the USDC and USD1 concepts, the stablecoin meme project B with a market value of 400 million USD in the BSC ecosystem may become a potential choice for funds.
