Circle是世界第二大Stablecoin背後的公司，即將公開。

在2022年的SPAC合併失敗之後，Circle已根據股票CRCL提交了紐約證券交易所上市。

Circle, the company behind the world’s second-largest stablecoin, is going public in a second attempt. But this IPO concerns more than balance sheets and market caps, it’s a daring wager on Washington’s changing attitude toward crypto.

Circle是世界第二大Stablecoin背後的公司，他將在第二次嘗試中公開。但是，這種IPO不僅僅關注資產負債表和市場上限，這是華盛頓對加密貨幣態度不斷變化的大膽下注。

After a failed SPAC merger in 2022, Circle has filed to list on the New York Stock Exchange under the ticker CRCL. The company, known for its USD stablecoin, USDC, plans to sell 90 million shares at a price of $18 to $21 each, aiming for a valuation of around $9 billion.

在2022年的SPAC合併失敗之後，Circle已根據股票CRCL提交了紐約證券交易所上市。該公司以USD Stablecoin（USDC）而聞名，計劃以每股18至21美元的價格出售9000萬股股票，旨在估值約90億美元。

The numbers look solid, as Circle generated $1.66 billion in revenue last year, mostly from interest on reserves backing its USDC coin. However, net income fell to $156 million as Circle spent heavily – $1 billion in fees and incentives – to stay competitive.

這些數字看起來很穩固，因為Circle去年產生了16.6億美元的收入，主要是由於支持其USDC硬幣的儲備金的興趣。但是，淨收入降至1.56億美元，因為圈子花費了大量費用（10億美元的費用和激勵措施），以保持競爭力。

Still, the real story isn’t in the financials. It’s in the timing.

儘管如此，真實的故事並不在財務上。這是在時機中。

This planned IPO landed just months after Donald Trump returned to the White House, promising to make the U.S. “the crypto capital of the planet.” His administration has already taken steps in that direction, dropping most regulatory cases against crypto firms and signaling openness to a clear legal framework for stablecoins.

唐納德·特朗普（Donald Trump）返回白宮（White House）幾個月後，該計劃的IPO降落，並承諾將美國“地球的加密貨幣之都”成為。他的政府已經朝著這個方向採取了措施，從大多數針對加密貨幣公司的監管案件，並向Stablecoins的明確法律框架發出了開放性。

Congress, meanwhile, is inching closer to passing long-awaited legislation that could legitimize players like Circle.

同時，國會正靠近已久的立法，這可能使諸如Circle之類的球員合法化。

For Circle, the political winds have shifted. Once on shaky ground with regulators, the company is now big enough to attract institutional partners such as BlackRock (NYSE:BLK), Fidelity, and JPMorgan (NYSE:JPM) but still agile enough to ride the momentum of a more favorable climate.

對於圈子而言，政治風發生了變化。一旦與監管機構保持搖搖欲墜，該公司現在已經足夠大，可以吸引貝萊德（NYSE：BLK），Fidelity和JPMorgan（NYSE：JPM）等機構合作夥伴，但仍然足夠敏捷，可以駕駛更有利的氣候的動力。

Going public now isn’t just about raising money, it’s a credibility play. CEO Jeremy Allaire called it a move toward “greater transparency and accountability,” but it’s also a bet that Wall Street is finally ready to embrace stablecoins.

現在公開公開不僅僅是籌集資金，這是一個信譽。首席執行官傑里米·阿萊爾（Jeremy Allaire）稱其為“更大的透明度和問責制”，但這也是華爾街終於準備好擁抱穩定的賭注。

In other words, Circle isn’t just selling stock, it’s selling a future where crypto has a permanent seat at the U.S. financial table.

換句話說，Circle不僅出售股票，而且還在出售Crypto在美國金融表擁有永久席位的未來。

But there are plenty of risks. Interest rates, which are a big driver of Circle’s revenue, are expected to drop this year, which could hit profits.

但是有很多風險。利率是Circle收入的主要驅動力，預計今年將下降，這可能會損失利潤。

Also, competition is fierce: Tether, the top stablecoin, is more than twice Circle’s size. Plus, crypto’s reputation remains volatile, and another scandal or collapse could spook investors all over again.

同樣，競爭很激烈：頂級穩定的束縛，是圓圈的兩倍以上。另外，加密貨幣的聲譽仍然波動，另一個醜聞或崩潰可能會再次震驚投資者。

Nevertheless, the bigger shift can’t be ignored. This is the first major crypto IPO in the Trump 2.0 era, and it’s already prompting others, like Kraken, to begin preparations for their own listings. It’s hard to imagine that the SEC was cracking down on digital assets just two years ago. Today, JPMorgan and Citi are leading crypto IPOs.

然而，更大的轉變不能忽略。這是特朗普2.0 ERA中的第一個主要加密IPO，它已經促使其他人（例如Kraken）開始為自己的列表做準備。很難想像SEC就在兩年前就在鎮壓數字資產。如今，摩根大通和花旗正在領導加密IPO。

Circle’s IPO is a test of its business model and whether a friendlier Washington can turn crypto from a fringe experiment into a mainstream financial tool. If it succeeds, Circle will not be the only winner. It will be a green light to the rest of the industry, a sign that the U.S. is again open to the crypto business.

Circle的IPO是對其業務模型的測試，以及友好的華盛頓是否可以將Crypto從邊緣實驗轉變為主流財務工具。如果成功，Circle將不是唯一的贏家。這將是整個行業的綠燈，這​​表明美國再次向加密貨幣業務開放。

The following comparison chart shows the notable stock associated with blockchain and cryptocurrency in general.

以下比較圖顯示了與區塊鍊和加密貨幣相關的顯著庫存。