USDC Stablecoin背后的公司Circle已申请首次公开募股，并计划在纽约证券交易所上市

USDC Stablecoin背后的公司Circle已申请首次公开募股，并计划在纽约证券交易所上市

Circle, the company best known for issuing the USD Coin (USDC) stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.

Circle是该公司以发行美元硬币（USDC）Stablecoin的闻名，已申请首次公开募股，并计划在纽约证券交易所上市。

The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle's long-anticipated entry into the public markets. It will trade under ticker symbol CRCL.

该招股说明书于周二向美国证券交易委员会（SEC）提交，为圆圈期待已期待的公共市场奠定了基础。它将在股票符号CRCL下进行交易。

JPMorgan Chase and Citigroup are serving as lead underwriters and the company is reportedly aiming for a valuation of up to $5 billion.

摩根大通（JPMorgan Chase）和花旗集团（Citigroup）担任首席承销商，据报道，该公司的目标是高达50亿美元。

It marks Circle's second attempt at going public. A prior merger with a special purpose acquisition company, or SPAC, collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including announcing last year that it would be relocating its headquarters from Boston to One World Trade Center in New York.

它标志着Circle第二次公开尝试。在2022年底，在监管挑战的情况下，与特殊目的的收购公司（SPAC）合并了。从那时起，Circle采取了战略措施，使自己更接近全球金融的核心，包括去年宣布将其总部从波士顿搬到纽约的一个世界贸易中心。

The company reported revenue and reserve income of $1.68 billion in 2024, up from $1.45 billion in 2023 and $772 million in 2022. It also reported net income last year of about $156 million, down from $268 million a year earlier.

该公司报告说，2024年的收入和储备收入为16.8亿美元，高于2023年的14.5亿美元和2022年的7.72亿美元。去年还报告了净收入约1.56亿美元，低于一年前的2.68亿美元。

A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

成功的IPO将使Circle成为在美国交易所上列出的最杰出的纯净加密公司之一。 Coinbase在2021年通过直接上市公开，市值约为440亿美元。

Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has also been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently.

Circle将试图在技术股票的动荡时刻上市，纳斯达克刚刚结束了自2022年以来最陡峭的季度下降。尽管有生活迹象，但技术IPO市场在三年中也大多是干燥的三年。在线贷方克拉纳（Klarna），数字保健公司Hinge Health和票务市场StubHub最近都提交了招股说明书。

Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.

上周下旬，人工智能基础设施提供商Coreweave自2021年以来一直是美国风险投资支持的科技公司的最大IPO。但是该公司缩减了产品的扩大，该股票的交易前两天令人失望，然后在周二进行篮板。

Circle is best known as the issuer of USD Coin, the world's second-largest stablecoin by market capitalization.

Circle最著名的是USD硬币的发行人，USD硬币是按市值按市值划分的世界第二大稳定币。

Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, trailing Tether's 67% dominance. Its market cap has also grown 36% this year, compared with Tether's 5% growth.

USDC以现金和短期美国国库券为一对一，并在现金和短期国库券的支持下，大约有600亿美元的发行量，约占Stablecoins总市值的26％，占了Tether的67％的统治地位。与Tether的5％增长相比，今年的市值也增长了36％。

The company's push into public markets also reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress's August recess.

该公司进入公共市场的推动也反映了加密货币行业的更广泛时刻，加密货币行业在美国更友好的美国政府中享有政治恩宠。随着行业对加密货币市场的信心将在今年通过并实施，重点关注Stablecoins，该行业获得了美国的第一条立法，因此该行业的专门一直在加剧。唐纳德·特朗普总统表示，他希望立法者将在国会八月的休会前将Stablecoin立法送往他的桌子。

Stablecoins' growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company's most recent earnings call that it has a "stretch goal to make USDC the number 1 stablecoin."

Stablecoins的增长可能会对像Robinhood和Coinbase这样的加密交易所产生投资影响，因为它们成为加密交易和跨境转移的更大一部分。 Coinbase还与Circle达成了一项协议，分享了其USDC Stablecoin收入的50％，Coinbase首席执行官Brian Armstrong在该公司最近的收益呼吁中表示，它具有“使USDC成为USDC 1号Stablecoin的伸展目标”。

The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a "systemically important" part of the crypto market, according to Bernstein. Digital assets in this sector are historically used for trading and as collateral in decentralized finance, or DeFi, and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.

根据伯恩斯坦的说法，今年迄今为止，Stablecoin市场已增长约11％，在过去的一年中约为47％，并已成为加密货币市场的“系统上重要”的一部分。该领域的数字资产历史上用于交易，并作为分散的金融或DEFI的抵押品，而加密投资者则密切关注它们，以证明市场上需求，流动性和活动的证据。