亮點

Crypto在美國成為主流，這不是四月的笑話。強調不斷發展甚至生產性關係的舉動

Crypto is going mainstream in America, and it’s not an April Fools’ joke. In a move that underscores the evolving and even productive relationship between traditional finance and the cryptocurrency sector, Circle Internet Financial is reportedly preparing for an initial public offering (IPO) slated for late April, according to a report by Bloomberg.

Crypto在美國成為主流，這不是四月的笑話。根據彭博社的一份報告，據報導，據報導，據報導，Circle Internet Financial正在強調傳統金融和加密貨幣領域之間不斷發展的甚至富有成效的關係，據報導，Circle Internet Financial正在為4月下旬的首次公開募股（IPO）做準備。

Circle, the issuer of the USDC stablecoin, previously attempted to go public via a special purpose acquisition company (SPAC) in 2021, but that effort was abandoned in December 2022 amid a challenging regulatory environment under the Securities and Exchange Commission (SEC) led by then-Chairman Gary Gensler. However, the current Trump administration has invigorated the crypto sector with its deregulatory focus and laudatory promises to make the U.S. the “crypto capital of the world.”

Circle是USDC Stablecoin的發行人，此前曾試圖通過特殊目的收購公司（SPAC）於2021年公開公開，但由於由當時的智商加里·蓋斯勒（Gary Gensler）領導的證券交易委員會（SEC）領導的證券交易委員會（SEC），這項工作於2022年12月在2022年12月放棄。但是，現任特朗普政府以放鬆的重點和值得稱讚的承諾使美國成為“世界的加密之都”。

In a sign of the times, the SEC has to-date dismissed or halted at least eight cases against crypto firms, including some of the industry’s most high-profile names. For their part, domestic crypto firms are taking advantage of the new environment. Cryptocurrency firm Gemini, headed by billionaire twin brothers Cameron and Tyler Winklevoss, has also filed confidentially for an IPO; while cryptocurrency exchange Kraken is reportedly preparing to go public as soon as the first quarter of 2026.

在《紐約時報》的跡像中，SEC迄今已駁回或停止至少八個針對加密貨幣公司的案件，包括該行業最引人注目的名字。就國內加密公司而言，他們正在利用新環境。由億萬富翁雙胞胎兄弟卡梅倫（Cameron）和泰勒·溫克爾沃斯（Tyler Winklevoss）領導的加密貨幣公司Gemini還秘密地提交了IPO；據報導，儘管加密貨幣交易所交易所正準備在2026年第一季度公開上市。

But Circle, a stablecoin issuer, has a different business model and plays a different role in the crypto landscape than both Gemini and Kraken. As such, Circle’s public debut has the potential to reshape competitive dynamics, enhance transparency, spur adoption, sway investor sentiment, and influence regulatory discourse around stablecoins in the U.S. and internationally.

但是，Stablecoin發行人Circle具有不同的商業模式，並且在加密貨幣景觀中扮演著不同的角色。因此，Circle的公開首次亮相有可能重塑競爭動力，提高透明度，刺激採用，搖擺投資者的情緒，並影響美國和國際上的Stablecoins圍繞Stablecoins的監管論述。

The report from Bloomberg also notes that Circle’s listing could be relevant for the broader picture of U.S. FinTech, especially in terms of how it compares to PayPal. Both firms are highly regulated and publicly visible, and both are vying to offer the most trusted digital dollar.

彭博社的報告還指出，Circle的清單可能與美國金融科技的更廣泛情況有關，尤其是在與PayPal相比的方面。這兩家公司都受到高度監管和公開可見的，並且都在爭奪提供最值得信賴的數字美元。

With its stronger capital position after the IPO, Circle may be able to offer incentives or improved infrastructure (APIs, custody solutions, insurance, etc.) to institutional clients. In the realm of U.S. crypto IPOs, the largest to date was Coinbase’s debut in 2021, with an initial valuation of approximately $86 billion.

在IPO之後，Circle可能能夠為機構客戶提供激勵措施或改進的基礎設施（API，保管解決方案，保險等）。在美國加密貨幣IPO的領域中，迄今為止最大的是Coinbase在2021年的首次亮相，最初的估值約為860億美元。

As of reporting, Coinbase has a market cap of $43.7 billion, and an enterprise value of $38.5 billion. In contrast, Circle is reportedly seeking a valuation of up to $5 billion, and has enlisted financial giants JPMorgan Chase and Citi to facilitate its IPO. The two banks also worked on Coinbase’s IPO.

截至報告時，Coinbase的市值為437億美元，企業價值為385億美元。相比之下，據報導，Circle正在尋求高達50億美元的估值，並邀請金融巨頭JPMorgan Chase和Citi促進其IPO。兩家銀行還在Coinbase的IPO上工作。

Internationally, Circle’s IPO positions USDC to challenge Tether (USDT), the long-dominant global stablecoin, more aggressively. Tether maintains a commanding share of the stablecoin market, presenting around 70% or about $130-140 billion in supply; a slice of the pie far above USDC’s roughly 20% share. Still, unlike Circle, Tether’s issuer remains private and less transparent, which has resulted in scrutiny about its reserves.

在國際上，Circle的IPO將USDC定位為挑戰長期占主導地位的全球Stablecoin Tether（USDT），更加積極地。 Tether維持Stablecoin市場的指揮份額，供應量約為70％或約130-1400億美元；一片餡餅遠遠高於USDC的約20％的份額。儘管如此，與Circle不同，Tether的發行人仍然保持私密和透明度，這導致了對其儲備的審查。

That said, Tether has deeply entrenched liquidity and user trust in many crypto markets, especially in Asia and emerging markets.

也就是說，系tether在許多加密市場，尤其是在亞洲和新興市場中深深地根深蒂固的流動性和用戶信任。

See Also: Compliance Divides Stablecoin Market: Why CFOs And Treasury Teams Should Care

另請參閱：合規性劃分Stablecoin市場：為什麼首席財務官和財政團隊應該關心

As Circle prepares for its IPO, the company's journey has been marked by regulatory hurdles. When the company's SPAC deal fell through last year, it was amid a challenging regulatory environment under the SEC led by then-Chairman Gary Gensler.

當Circle為IPO做準備時，公司的旅程已由監管障礙標記。當該公司的SPAC交易持續到去年時，這是一個由當時的主席Gary Gensler領導的SEC領導下的具有挑戰性的監管環境。

However, the current Trump administration has invigorated the crypto sector with its deregulatory focus and laudatory promises to make the U.S. the “crypto capital of the world.” In a sign of the times, the SEC has to-date dismissed or halted at least eight cases against crypto firms, including some of the industry's most high-profile names.

但是，現任特朗普政府以放鬆的重點和值得稱讚的承諾使美國成為“世界的加密之都”。在《紐約時報》的跡像中，SEC迄今已駁回或停止至少八個針對加密貨幣公司的案件，包括該行業最引人注目的名字。

For their part, domestic crypto firms are taking advantage of the new environment. Cryptocurrency firm Gemini, headed by billionaire twin brothers Cameron and Tyler Winklevoss, has also filed confidentially for an IPO; while cryptocurrency exchange Kraken is preparing to go public as soon as the first quarter of 2026.

就國內加密公司而言，他們正在利用新環境。由億萬富翁雙胞胎兄弟卡梅倫（Cameron）和泰勒·溫克爾沃斯（Tyler Winklevoss）領導的加密貨幣公司Gemini還秘密地提交了IPO；儘管加密貨幣交易所交易所準備在2026年第一季度公開上市。

But Circle, a stablecoin issuer, has a different business model and plays a different role in the crypto landscape than both Gemini and Kraken. As such, Circle's public debut has the potential to reshape competitive dynamics, enhance transparency, spur adoption, sway investor sentiment, and influence regulatory discourse around stablecoins in the U.S. and internationally.

但是，Stablecoin發行人Circle具有不同的商業模式，並且在加密貨幣景觀中扮演著不同的角色。因此，Circle的公開首次亮相有可能重塑競爭動力，提高透明度，刺激採用，搖擺投資者的情緒，並影響美國和國際上的Stablecoins圍繞Stablecoins的監管論述。

The report from Bloomberg also notes that Circle's listing could be relevant for the broader picture of U.S. FinTech, especially in terms of how it compares to PayPal. Both firms are highly regulated and publicly visible, and both are vying to offer the most trusted digital dollar.

彭博社的報告還指出，Circle的清單可能與美國金融科技的更廣泛情況有關，尤其是在與PayPal相比的方面。這兩家公司都受到高度監管和公開可見的，並且都在爭奪提供最值得信賴的數字美元。

With its stronger capital

擁有更強大的資本