上一次失敗後，互聯網財務通過IPO計劃向前發展

Circle Internet Financial是第二大Stablecoin的發行人USDC的發行人，正在通過聘請JPMorgan Chase和Citi作為承銷商來推進其長期計劃的首次公開募股（IPO）。

Circle Internet Financial, the issuer of the second largest stablecoin, USDC, is advancing its long-planned initial public offering (IPO) by hiring JPMorgan Chase and Citi as underwriters, according to a recent report by Fortune.

Fortune最近的一份《財富》報導，Circle Internet Financial是第二大Stablecoin USDC的發行人，它通過聘請JPMorgan Chase和Citi作為承銷商來推進其長期計劃的首次公開募股（IPO）。

The fintech company is expected to file its offering paperwork by the end of April and could be valued at $4 billion to $5 billion, the report notes. The timing of the IPO depends on several factors, but companies that file for an IPO typically see their shares begin trading about four weeks later. However, some firms may remain in registration for months before launching their offerings.

報告指出，這家金融科技公司有望在4月底之前提交其文書工作，並可能價值40億美元至50億美元。 IPO的時機取決於幾個因素，但是提交IPO的公司通常會在大約四個星期後開始交易股票。但是，在推出產品之前，一些公司可能會保留數月的註冊。

This would mark Circle’s second attempt at going public. Back in 2021, the company announced plans to merge with a special purpose acquisition company (SPAC) backed by an investment firm. However, regulatory complications arose when the U.S. Securities and Exchange Commission (SEC) did not approve the proposed merger, which was later extended several times.

這將標記Circle的第二次公開嘗試。早在2021年，該公司宣布了與一家投資公司支持的特殊目的採購公司（SPAC）合併的計劃。但是，當美國證券交易委員會（SEC）未批准擬議合併時，監管並發症就會產生，該合併後來延長了幾次。

Circle eventually abandoned the SPAC plans at the end of 2022 following the collapse of FTX and a broader crypto market downturn. In 2024, the stablecoin issuer filed confidentially with the SEC for a traditional IPO, which is now reportedly nearing public disclosure.

FTX崩潰和更廣泛的加密貨幣市場經濟衰退後，Circle最終在2022年底放棄了SPAC計劃。 2024年，Stablecoin發行人向SEC秘密提交了傳統的IPO，據報導，該IPO現在正在接近公開披露。

The impending public filing will provide a deeper look into Circle’s financial health for the first time, as well as reveal the company’s planned ticker symbol and pave the way for a public listing of its shares.

即將公開的申請將首次更深入地了解Circle的財務狀況，並揭示公司計劃的股票符號，並為其股份公開上市鋪平道路。

If successful, Circle’s IPO would be the largest cryptocurrency-related IPO since Coinbase went public in 2021 via a direct listing, with JPMorgan and Citi also serving as financial advisors for Coinbase.

如果成功的話，Circle的IPO將是與加密貨幣相關的最大IPO，因為Coinbase於2021年通過直接上市於2021年上市，JPMorgan和Citi也擔任Coinbase的財務顧問。

The report also mentions that Circle has undergone several transformations throughout the years. The company initially started with various business lines focused on payments and crypto trading around 2018, gradually shifting its attention to stablecoins.

該報告還提到，這些年來，Circle經歷了多次轉變。該公司最初始於各種業務線，專注於付款和加密貨幣交易，在2018年左右進行了交易，逐漸將注意力轉移到了穩定的商業上。

Its flagship product, the USD Coin (USDC) stablecoin, was initially envisioned as a consortium among financial firms through an organization called Centre, though it ultimately became mainly tied to Coinbase. In 2023, Centre was dissolved and both companies restructured their partnership to manage USDC, allowing Coinbase to continue receiving a significant share of the stablecoin’s revenue.

它的旗艦產品，美元硬幣（USDC）Stablecoin最初通過一個名為Center的組織在金融公司中作為財團，儘管最終與Coinbase主要息息相關。 2023年，中心解散了，兩家公司都重組了他們的合作夥伴關係以管理USDC，從而使Coinbase能夠繼續獲得Stablecoin收入的很大一部分。

USDC rose to prominence during the crypto boom of 2021, with its market capitalization soaring from less than $1 billion in 2020 to over $50 billion in 2022, benefitting from the interest in the dollar-backed assets supporting USDC, including U.S. Treasuries.

在2021年的加密貨幣繁榮期間，USDC升至著名，其市值從2020年的10億美元飆升至2022年的500億美元，受益於支持USDC的美元資產的興趣，包括美國國債。

However, the company faced notable challenges, particularly in March 2023 when it disclosed that $3.3 billion was frozen at Silicon Valley Bank, causing USDC to deviate briefly from its $1 peg on secondary trading platforms.

但是，該公司面臨著傑出的挑戰，尤其是在2023年3月，當時透露33億美元在矽谷銀行凍結了，這使USDC短暫地偏離了其二級交易平台上的$ 1 PEG。

By the end of 2023, USDC’s market capitalization dropped to under $25 billion but has since rebounded to around $60 billion. Tether on the other hand, issuer of the market’s largest stablecoin, USDT, boasts a market capitalization of $143 billion according to CoinmarketCap data.

到2023年底，USDC的市值下降到250億美元，但此後已反彈至600億美元。另一方面，根據CoinMarketCap數據，該市場最大的Stablecoin的發行人擁有1430億美元的市值。

The advancement of stablecoin legislation in Congress could also serve as a bullish indicator for Circle, with the Senate Banking Committee recently moving forward with a bill and the House expected to vote on its version soon.

國會穩定立法的晉升也可以作為圈子的看漲指標，參議院銀行委員會最近提出了一項法案，眾議院預計將很快對其版本進行投票。

The now pro-crypto President, Donald Trump, has also expressed a desire to sign stablecoin legislation by August of this year, signaling potential regulatory support for the industry.

現任親克賴特（Crypto）總統唐納德·特朗普（Donald Trump）也表示希望在今年8月之前簽署Stablecoin立法，這表明對該行業的潛在監管支持。