經過多年的延誤，Circle終於朝著傳統的IPO邁進，邀請JPMorgan和Citi領導可能成為最大的加密貨幣清單

該公司因發行美元硬幣（USDC）Stablecoin而聞名，預計將在4月下旬公開提交IPO文書工作。

After years of anticipation and the collapse of a SPAC deal, Circle is finally setting its sights on a traditional IPO, enlisting JPMorgan and Citi to lead what could be the biggest crypto listing since Coinbase, Fortune reported on Friday, citing people familiar with the matter.

經過多年的期待和SPAC交易的崩潰，Circle終於將目光投向了傳統的IPO，邀請JPMorgan和Citi領導以來Coinbase以來最大的加密貨幣上市，並以熟悉此事的人們為由。

The company, known for issuing the USD Coin (USDC) stablecoin, is expected to submit its IPO paperwork publicly by late April.

該公司因發行美元硬幣（USDC）Stablecoin而聞名，預計將在4月下旬公開提交IPO文書工作。

While the exact timeline for the listing remains uncertain, a public filing would reveal the company’s financial performance and proposed ticker for the first time.

儘管上市的確切時間表仍然不確定，但公開文件將揭示公司的財務績效，並首次提出了訴訟。

The move marks Circle’s return to the public markets after a failed attempt in 2021. The company had previously tried to list via a merger with a special purpose acquisition company.

此舉標誌著2021年失敗的嘗試失敗後，Circle返回了公共市場。該公司此前曾嘗試通過與特殊目的收購公司合併來列出。

However, the deal collapsed in late 2022 amid heightened regulatory scrutiny and a downturn in digital assets following the implosion of FTX.

然而，該交易在2022年底崩潰了，因為在FTX內爆後，監管審查加劇了，數字資產的低迷。

Investor scrutiny

投資者的審查

USDC has become a key player in the crypto ecosystem, widely used for payments, trading, and decentralized applications.

USDC已成為加密生態系統中的關鍵參與者，廣泛用於付款，交易和分散應用程序。

After peaking above $50 billion in market cap in 2022, USDC saw a sharp drop following the Silicon Valley Bank crisis in early 2023, when $3.3 billion of Circle’s reserves became briefly inaccessible.

在2022年達到500億美元的市值之後，在2023年初矽谷銀行危機之後，USDC看到了急劇下降，當時33億美元的Circle儲量變得短暫地無法訪問。

The stablecoin temporarily lost its dollar peg but quickly recovered after federal intervention. As of March, USDC’s market cap has reached a new high near $60 billion. Still, Circle faces questions about the breadth of its revenue streams.

穩定幣暫時失去了美元釘，但在聯邦干預後迅速康復。截至3月，USDC的市值已達到600億美元的新高額。儘管如此，Circle仍面臨有關其收入流的廣度問題。

According to unaudited financial figures seen by industry sources, nearly all of the company’s income in early 2023 came from interest on reserve assets, such as US Treasuries and cash equivalents.

根據行業消息來源所見的未經審計的財務數據，該公司幾乎所有2023年初的收入都來自儲備金的利息，例如美國國債和現金同等。

Coinbase, a key partner in the issuance of USDC, generated over $225 million in USDC-related revenue in the final quarter of 2024 alone.

Coinbase是USDC發行的主要合作夥伴，僅在2024年的最後一個季度，就會產生超過2.25億美元的USDC相關收入。

Circle’s latest valuation target is reportedly in the range of $4 billion to $5 billion, down from the $9 billion valuation set during its abandoned SPAC deal.

據報導，Circle的最新估值目標範圍為40億美元至50億美元，低於其廢棄SPAC交易期間的90億美元估值。

According to people familiar with the transactions, shares of the company last changed hands on private markets at around $5 billion.

據熟悉交易的人們稱，該公司的股票最後易手私人市場，約50億美元。

IPO momentum builds

IPO動量構建

The offering comes as the US IPO landscape shows signs of recovery. So far in 2025, public listings on American exchanges are up significantly compared to last year, with over 70 companies debuting and raising nearly $12 billion.

當美國IPO景觀顯示恢復的跡象時，該產品即將到來。到目前為止，2025年，與去年相比，有關美國交易所的公開清單顯著增加，有70多家公司首次亮相並籌集了近120億美元。

Circle may also benefit from growing political momentum around stablecoin regulation.

圈子還可能受益於圍繞Stablecoin監管的政治動力受益。

The Senate Banking Committee advanced legislation earlier this month, and the House is expected to follow suit in April. Meanwhile, President Donald Trump has publicly supported digital assets and signaled his intent to sign stablecoin legislation by summer.

參議院銀行委員會本月早些時候提出了高級立法，預計眾議院將在4月效仿。同時，唐納德·特朗普（Donald Trump）總統已公開支持數字資產，並表示他打算在夏季簽署Stablecoin立法。

However, Circle will not be alone in the market. Competing stablecoins have launched from traditional financial firms and crypto companies alike, including offerings from PayPal, Ripple, and potentially Fidelity.

但是，Circle並不孤單。相互競爭的穩定幣是由傳統金融公司和加密貨幣公司發起的，包括Paypal，Ripple和潛在的忠誠度的產品。