Circle是世界第二大Stablecoin背后的公司，即将公开。

在2022年的SPAC合并失败之后，Circle已根据股票CRCL提交了纽约证券交易所上市。

Circle, the company behind the world’s second-largest stablecoin, is going public in a second attempt. But this IPO concerns more than balance sheets and market caps, it’s a daring wager on Washington’s changing attitude toward crypto.

Circle是世界第二大Stablecoin背后的公司，他将在第二次尝试中公开。但是，这种IPO不仅仅关注资产负债表和市场上限，这是华盛顿对加密货币态度不断变化的大胆下注。

After a failed SPAC merger in 2022, Circle has filed to list on the New York Stock Exchange under the ticker CRCL. The company, known for its USD stablecoin, USDC, plans to sell 90 million shares at a price of $18 to $21 each, aiming for a valuation of around $9 billion.

在2022年的SPAC合并失败之后，Circle已根据股票CRCL提交了纽约证券交易所上市。该公司以USD Stablecoin（USDC）而闻名，计划以每股18至21美元的价格出售9000万股股票，旨在估值约90亿美元。

The numbers look solid, as Circle generated $1.66 billion in revenue last year, mostly from interest on reserves backing its USDC coin. However, net income fell to $156 million as Circle spent heavily – $1 billion in fees and incentives – to stay competitive.

这些数字看起来很稳固，因为Circle去年产生了16.6亿美元的收入，主要是由于支持其USDC硬币的储备金的兴趣。但是，净收入降至1.56亿美元，因为圈子花费了大量费用（10亿美元的费用和激励措施），以保持竞争力。

Still, the real story isn’t in the financials. It’s in the timing.

尽管如此，真实的故事并不在财务上。这是在时机中。

This planned IPO landed just months after Donald Trump returned to the White House, promising to make the U.S. “the crypto capital of the planet.” His administration has already taken steps in that direction, dropping most regulatory cases against crypto firms and signaling openness to a clear legal framework for stablecoins.

唐纳德·特朗普（Donald Trump）返回白宫（White House）几个月后，该计划的IPO降落，并承诺将美国“地球的加密货币之都”成为。他的政府已经朝着这个方向采取了措施，从大多数针对加密货币公司的监管案件，并向Stablecoins的明确法律框架发出了开放性。

Congress, meanwhile, is inching closer to passing long-awaited legislation that could legitimize players like Circle.

同时，国会正靠近已久的立法，这可能使诸如Circle之类的球员合法化。

For Circle, the political winds have shifted. Once on shaky ground with regulators, the company is now big enough to attract institutional partners such as BlackRock (NYSE:BLK), Fidelity, and JPMorgan (NYSE:JPM) but still agile enough to ride the momentum of a more favorable climate.

对于圈子而言，政治风发生了变化。一旦与监管机构保持摇摇欲坠，该公司现在已经足够大，可以吸引贝莱德（NYSE：BLK），Fidelity和JPMorgan（NYSE：JPM）等机构合作伙伴，但仍然足够敏捷，可以驾驶更有利的气候的动力。

Going public now isn’t just about raising money, it’s a credibility play. CEO Jeremy Allaire called it a move toward “greater transparency and accountability,” but it’s also a bet that Wall Street is finally ready to embrace stablecoins.

现在公开公开不仅仅是筹集资金，这是一个信誉。首席执行官杰里米·阿莱尔（Jeremy Allaire）称其为“更大的透明度和问责制”，但这也是华尔街终于准备好拥抱稳定的赌注。

In other words, Circle isn’t just selling stock, it’s selling a future where crypto has a permanent seat at the U.S. financial table.

换句话说，Circle不仅出售股票，而且还在出售Crypto在美国金融表拥有永久席位的未来。

But there are plenty of risks. Interest rates, which are a big driver of Circle’s revenue, are expected to drop this year, which could hit profits.

但是有很多风险。利率是Circle收入的主要驱动力，预计今年将下降，这可能会损失利润。

Also, competition is fierce: Tether, the top stablecoin, is more than twice Circle’s size. Plus, crypto’s reputation remains volatile, and another scandal or collapse could spook investors all over again.

同样，竞争很激烈：顶级稳定的束缚，是圆圈的两倍以上。另外，加密货币的声誉仍然波动，另一个丑闻或崩溃可能会再次震惊投资者。

Nevertheless, the bigger shift can’t be ignored. This is the first major crypto IPO in the Trump 2.0 era, and it’s already prompting others, like Kraken, to begin preparations for their own listings. It’s hard to imagine that the SEC was cracking down on digital assets just two years ago. Today, JPMorgan and Citi are leading crypto IPOs.

然而，更大的转变不能忽略。这是特朗普2.0 ERA中的第一个主要加密IPO，它已经促使其他人（例如Kraken）开始为自己的列表做准备。很难想象SEC就在两年前就在镇压数字资产。如今，摩根大通和花旗正在领导加密IPO。

Circle’s IPO is a test of its business model and whether a friendlier Washington can turn crypto from a fringe experiment into a mainstream financial tool. If it succeeds, Circle will not be the only winner. It will be a green light to the rest of the industry, a sign that the U.S. is again open to the crypto business.

Circle的IPO是对其业务模型的测试，以及友好的华盛顿是否可以将Crypto从边缘实验转变为主流财务工具。如果成功，Circle将不是唯一的赢家。这将是整个行业的绿灯，这​​表明美国再次向加密货币业务开放。

The following comparison chart shows the notable stock associated with blockchain and cryptocurrency in general.

以下比较图显示了与区块链和加密货币相关的显着库存。