USDC發行人圈子的IPO文件，標誌著成為一家公開交易的公司邁出的重大步驟

USDC Stablecoin的發行人Circle已申請首次公開募股（IPO），這標誌著成為一家公開交易的公司邁出的重要一步。

Circle, the issuer of the USDC stablecoin, has filed for an initial public offering (IPO), taking a major step toward becoming a publicly traded company.

USDC Stablecoin的發行人Circle已申請首次公開募股（IPO），邁出了成為一家公開交易公司的重要一步。

The firm has submitted its prospectus to the Securities and Exchange Commission (SEC), aiming to list its shares on the New York Stock Exchange under the ticker symbol “CRCL.” This move comes at a time when the U.S. government appears to be becoming more favorable toward cryptocurrency and blockchain-based technologies.

該公司已將其招股說明書提交給美國證券交易委員會（SEC），旨在將其在紐約證券交易所的股份下方以股票符號“ CRCL”。這一舉動是在美國政府似乎對加密貨幣和基於區塊鏈的技術變得越來越有利的時候。

USDC Issuer Circle Files for IPO

USDC發行人圈文件IPO

Circle’s decision to go public follows years of anticipation. The company first attempted to enter the public markets via a merger with a special purpose acquisition company (SPAC) in 2021. However, this effort was halted due to regulatory concerns and timing issues with the SEC.

Circle公開決定遵循多年的預期。該公司在2021年首次通過與特殊目的採購公司（SPAC）合併進入公共市場。但是，由於SEC的監管問題和時機問題，這項工作被停止了。

Since then, Circle has worked to position itself as a more integral player in global finance, including relocating its headquarters from Boston to New York’s One World Trade Center.

從那時起，Circle一直致力於將自己定位為全球金融領域不可或缺的球員，包括將其總部從波士頓搬到紐約的一個世界貿易中心。

In 2024, Circle submitted a draft registration statement for its IPO with the SEC, move that has been made in light of the growing influence of stablecoins in the crypto-market. In the case of IPO, it will give Circle access to public funds, and investors a chance to invest in a company that has been active in cryptocurrency for several years now.

2024年，Circle提交了與SEC的IPO的註冊聲明草案，鑑於Stablecoins在加密貨幣市場中的影響不斷增長。就IPO而言，它將使圈子獲得公共資金，投資者有機會投資一家活躍於加密貨幣幾年的公司。

Financial Performance and IPO Valuation

財務績效和IPO估值

Circle reported a significant increase in its revenue for 2024, with its total revenue reaching $1.68 billion, up from $1.45 billion in 2023. A large portion of this income came from reserve income related to its stablecoin operations. The company’s net income for the year stood at approximately $156 million, though this was a decrease from $268 million in 2023.

Circle報告說，其2024年的收入顯著增加，其總收入達到16.8億美元，高於2023年的14.5億美元。這筆收入的很大一部分來自與Stablecoin業務相關的儲備收入。該公司當年的淨收入約為1.56億美元，儘管這比2023年的2.68億美元減少了。

The IPO is expected to value Circle at between $4 billion and $5 billion, with JPMorgan Chase and Citigroup acting as the lead underwriters.

IPO預計將重視40億至50億美元之間的評價，摩根大通和花旗集團充當負責承銷商。

The company’s created stablecoin USDC is now among the biggest and most popular stablecoins available in the cryptocurrency market having a market capitalization of around $60 billion.

該公司創建的Stablecoin USDC現在是加密貨幣市場中最大，最受歡迎的Stablecoins之一，市值約為600億美元。

Regulatory Climate and Crypto-Friendly Shift

監管氣候和加密友好

Circle’s decision to go for the IPO can also be seen as a signal of a change in the regulatory outlook of cryptocurrencies in the US. The current government under the presidency of Donald Trump is more receptive and inclined towards formulating favorable crypto laws. This change has given more assurance to firms in the crypto space such as Circle, which now has a chance to conduct its operations under a friendly regulatory environment.

Circle決定進行IPO的決定也可以看作是美國加密貨幣監管前景變化的信號。唐納德·特朗普（Donald Trump）擔任總統的現任政府更容易接受，並且傾向於製定有利的加密法。這種變化對Circle等加密貨幣領域的公司提供了更多保證，該公司現在有機會在友好的監管環境下進行運營。

Analysts have noted that the US authorities may introduce legislation regulating stablecoins this year, which will allow Circle to strengthen its position in the market. Such moves also show the increasing role of stablecoins in the context of the company’s cooperation with exchanges like Coinbase that have committed to sharing revenues generated by USDC.

分析師指出，美國當局可能會在今年引入規範穩定的立法，這將使圈子能夠加強其在市場上的地位。這樣的舉動還表明，在公司與Coinbase這樣的交易所合作的背景下，Stablecoins的作用越來越大，該公司致力於共享USDC產生的收入。

But, Circle is not alone in the crypto-related firm trying to list it on the stock exchange. Another big player in the sphere of blockchain, Ripple, is also believed to be considering going public. Although facing continued regulatory scrutiny from the SEC, Ripple has obtained a strong standing in the cryptocurrency market, especially in cross-border payments, which puts the company in the position to possibly mimic Circle.

但是，在與加密相關的公司中，Circle並不是一個試圖將其列入證券交易所的公司。區塊鏈領域的另一個大球員Ripple也被認為正在考慮公開。儘管面對SEC的持續監管審查，但Ripple在加密貨幣市場上表現得很強烈，尤其是在跨境支付中，這使該公司有可能模仿圈子。