USDC Stablecoin背後的公司Circle Internet Financial在NYSE上提交IPO

USDC Stablecoin背後的公司Circle Internet Financial已申請紐約證券交易所的首次公開募股。

Circle Internet Financial, the company behind the USDC stablecoin, has filed for an initial public offering on the New York Stock Exchange.

USDC Stablecoin背後的公司Circle Internet Financial已申請紐約證券交易所的首次公開募股。

The company plans to list under the ticker symbol “CRCL” with JPMorgan Chase and Citigroup serving as lead underwriters. This marks Circle’s second attempt to go public. In 2021, the company tried to merge with a special purpose acquisition company (SPAC), but the deal collapsed in late 2022 amid regulatory challenges and the broader crypto market meltdown following FTX’s collapse.

該公司計劃以摩根大通（JPMorgan Chase）和花旗集團（Citigroup）作為主要承銷商的股票符號“ CRCL”列出。這標誌著Circle的第二次公開嘗試。 2021年，該公司試圖與特殊目的的收購公司（SPAC）合併，但該協議在2022年底崩潰了，在法規挑戰和FTX崩潰後更廣泛的加密貨幣市場崩潰。

The company confidentially filed with the SEC for a traditional IPO in January. It made its prospectus public on Tuesday, providing the first comprehensive look at its financial data.

該公司在一月份向SEC秘密提交了傳統的IPO。它在周二將其招股說明書公開，從而首次全面查看了其財務數據。

The company reported $1.68 billion in revenue and reserve income and about $156 million in net income for 2024. Its revenue grew steadily, rising from $1.45 billion in 2023 and $772 million in 2022.

該公司報告說，2024年的收入和儲備收入為16.8億美元，約1.56億美元的淨收入。其收入穩步增長，從2023年的14.5億美元和2022年的7.72億美元上升。

The stablecoin issuer is reportedly seeking a valuation of between $4 billion and $5 billion. This represents a decrease from its peak valuation of $9 billion in February 2024 during the revised SPAC merger plan.

據報導，Stablecoin發行人正在尋求40億至50億美元的估值。這比其在修訂後的SPAC合併計劃中的90億美元的峰值估值下降。

USDC, Circle’s flagship stablecoin, currently has about $60 billion in circulation. This makes it the second-largest stablecoin by market capitalization, amounting to about 26% of the total stablecoin market. Only Tether’s stablecoins have a larger share, with a 67% stake.

USDC是Circle的旗艦Stablecoin，目前有大約600億美元的發行量。這使其成為市值的第二大穩定幣，約佔穩定市場總市場的26％。只有Tether的Stablecoins具有更大的份額，股份為67％。

The stablecoin’s market cap has grown by 36% this year, outpacing Tether’s 5% growth during the same period. This reflects a recovery from earlier challenges, including a brief depeg incident in March 2023 when Circle revealed it had $3.3 billion stuck at the failing Silicon Valley Bank.

穩定的市值今年增長了36％，超過了Tether在同一時期的增長5％。這反映了從較早的挑戰中恢復的恢復，包括2023年3月的簡短DEPEG事件，當時Circle透露它在失敗的矽谷銀行遇到了33億美元。

Several crypto and traditional financial firms, including Ripple and PayPal, have launched their own stablecoins. Additionally, Fidelity is reportedly exploring entry into the space.

包括Ripple和Paypal在內的幾家加密貨幣和傳統金融公司已經啟動了自己的Stablecoins。此外，據報導，富達正在探索進入該領域的進入。

According to unaudited financial statements from the first half of 2023, interest income generated 99% of Circle’s revenue. The company collects income from the interest generated by the dollar-like assets backing USDC, which include U.S. Treasuries.

根據2023年上半年的未經審計財務報表，利息收入佔Circle收入的99％。該公司從備份USDC的美元型資產產生的利息中收取收入，其中包括美國國債。

The company also has a revenue-sharing arrangement with Coinbase (NASDAQ:COIN) for USDC. In Q4 of 2024, Coinbase earned $225.9 million in revenue from this partnership.

該公司還與Coinbase（NASDAQ：COIN）一起為USDC安排了收入分享的安排。在2024年第四季度，Coinbase從這種合作夥伴關係中獲得了2.259億美元的收入。

The advancement of stablecoin legislation in Congress appears to be boosting Circle’s prospects. The Senate Banking Committee advanced a bill in March, and the House is expected to vote on their version of the bill early April.

國會中穩定立法的促進似乎正在促進圈子的前景。參議院銀行委員會在三月份提出了一項法案，預計該眾議院將在4月初對法案的版本進行投票。

President Trump, who has supported a pro-crypto agenda, has stated that he wants to sign stablecoin legislation by August. This more crypto-friendly U.S. administration may create a more favorable environment for Circle’s public debut.

曾支持親克萊特托議程的特朗普總統表示，他想在八月之前簽署Stablecoin立法。這種對加密友好的美國政府可能會為Circle的公開首次亮相創造一個更有利的環境。

Circle will enter the public markets during a volatile period for tech stocks. The Nasdaq recently experienced its steepest quarterly drop since 2022, and the tech IPO market has been mostly quiet for over three years.

Circle將在技術股票的動盪時期進入公共市場。納斯達克最近經歷了自2022年以來最陡峭的季度下降，技術IPO市場大多是三年來的安靜。

However, there are signs of revival in the IPO market. So far in 2025, 73 companies have gone public on U.S. exchanges, a 70% increase from 2024. The total value of these deals reached $11.8 billion, a 39% jump compared to the same period in 2024.

但是，IPO市場有復興的跡象。到目前為止，在2025年，有73家公司在美國交易所上公開，比2024年增長了70％。這些交易的總價值達到118億美元，與2024年同期相比，這些交易的總價值增加了​​39％。

Other well-known companies, including Klarna, StubHub, and eToro, have also filed to go public in recent months.

近幾個月來，包括Klarna，Stubhub和Etoro在內的其他知名公司也已公開申請。

If successful, Circle’s IPO would make it one of the most prominent pure-play crypto companies to list on a U.S. exchange since Coinbase went public in 2021.

如果成功的話，Circle的IPO將成為自2021年Coinbase上市以來，在美國交易所上市的最傑出的純淨加密公司之一。

The company has made strategic moves to position itself closer to the center of global finance. Last year, Circle announced it would relocate its headquarters from Boston to One World Trade Center in New York.

該公司已採取戰略舉動，使自己更接近全球金融中心。去年，Circle宣布將其總部從波士頓搬到紐約的一個世界貿易中心。

Founded in 2013 by internet entrepreneur Jeremy Allaire and Sean Neville, Circle has raised $1.1 billion in funding from investors including BlackRock (NYSE:BLK) and Coinbase. Neville stepped down as co-CEO in 2019, leaving Allaire as the sole chief executive.

Circle由Internet企業家Jeremy Allaire和Sean Neville於2013年創立，已從Blackrock（NYSE：BLK）和Coinbase等投資者那裡籌集了11億美元的資金。內維爾（Neville）於2019年辭去聯合首席執行官，使阿雷爾（Allaire）擔任唯一的首席執行官。

The company has undergone several transformations since its founding, launching different business lines focused on payments and crypto trading before pivoting to stablecoins around 2018.

自成立以來，該公司已經進行了多次轉型，在2018年左右向Stablecoins旋轉之前，推出了針對付款和加密貨幣交易的不同業務線。

The stablecoin market overall has grown about 11% this year and approximately 47% in the past year. Industry analysts now consider it a “systemically important” part of the crypto market.

在過去的一年中，Stablecoin市場的總體總體增長了約11％，約為47％。行業分析師現在認為這是加密貨幣市場的“系統上重要”的一部分。