圆圈以披露2024年1月之后的IPO计划

USDC Stablecoin的发行人Circle正在以其长期计划的首次公开募股（IPO）前进。计划中的公众

Circle, the issuer of the USDC stablecoin, is moving forward with its long-planned initial public offering (IPO), according to a new report by Fortune.

根据《财富》的新报告，USDC Stablecoin的发行人Circle正在以其长期计划的首次公开募股（IPO）前进。

The company is planning to file the necessary documents for the IPO with the Securities and Exchange Commission (SEC) later in April, the report noted, adding that JPMorgan and Citi will be acting as underwriters for the offering.

该报告指出，该公司计划在4月下旬向美国证券交易委员会（SEC）提交IPO的必要文件。

The new filing comes after Circle’s previous attempts to go public were scuttled. The company had previously planned to go public through a SPAC merger in 2021, but that deal was later terminated due to problems getting regulatory approval for the offering.

新文件是在Circle先前企图公开尝试的情况下进行的。该公司此前曾计划在2021年通过SPAC合并公开公开，但由于获得监管部门的批准问题，该交易后来被终止。

After January 2024 Filing, Circle to Disclose IPO Plans

2024年1月之后，圈子披露IPO计划

As reported by Fortune, Circle had already filed confidentially for a traditional IPO back in January 2024, which it kept undisclosed in accordance with SEC regulations. The company is now planning to disclose the filing, which will include details of Circle’s financial performance.

正如《财富》报道的那样，Circle早在2024年1月就已经秘密地为传统的IPO申请，并根据SEC法规保持了未披露的状态。该公司现在正计划披露该文件，其中包括Circle财务绩效的详细信息。

The report noted that a substantial portion of Circle’s revenue is derived from interest on the USDC reserve backing. According to the latest statistics from 2023, an overwhelming 99% of Circle’s total earnings, amounting to $680 million, stemmed from its reserve-backed operations. However, this dependency raises concerns about the sustainability of Circle’s business model in the long term.

该报告指出，Circle收入的很大一部分来自USDC储备金的利息。根据2023年的最新统计数据，Circle总收入的99％的压倒性为6.8亿美元，源于其后备支持的业务。但是，从长远来看，这种依赖性引起了人们对Circle业务模式的可持续性的担忧。

Despite earlier challenges in the year, Circle is pressing ahead with the listing of its shares. The upcoming IPO is set to value Circle at between $4 billion and $5 billion. These figures take into account the current market conditions, which are less favorable than the peak valuation of $9 billion that Circle reached in 2022.

尽管今年较早面临挑战，但Circle仍在努力列出其股票。即将到来的IPO将其重视在40亿至50亿美元之间的价值。这些数字考虑到当前的市场状况，这比Circle在2022年达到的90亿美元的峰值估值不那么好。

The launch of the IPO also coincides with a period of improving performance by the IPO market after a bleak showing in the first quarter. According to Dealogic data, public listing activity within the U.S. has increased by 70% since the start of 2024, achieving a total deal value of $11.8 billion.

IPO的推出还与第一季度惨淡的IPO市场提高了IPO市场的绩效时期相吻合。根据Dealogic数据，自2024年初以来，美国境内的公共上市活动增长了70％，总交易价值为118亿美元。

The organization has also experienced major corporate developments throughout multiple years. Founded in 2013 through the partnership of Jeremy Allaire and Sean Neville, the company initially pursued various business directions before settling on stablecoins in 2018.

该组织在多年来还经历了主要的公司发展。该公司于2013年通过杰里米·阿莱尔（Jeremy Allaire）和肖恩·内维尔（Sean Neville）的合作伙伴关系，最初追求各种业务方向，然后在2018年定居Stablecoins。

USDC is the primary product of Circle, originally launching through the Centre consortium with Coinbase membership. The operations of USDC were later transferred to Circle following the dissolution of Centre in 2023, although Coinbase continues to hold a revenue-sharing agreement for the stablecoin.

USDC是Circle的主要产品，最初是通过Coinbase成员资格通过中心财团推出的。在2023年中心解散后，后来将USDC的运营转移到了Circle，尽管Coinbase继续为Stablecoin持有收入共享协议。

The enterprise is a significant player in the cryptocurrency sector, especially for decentralized finance and crypto trading purposes. The value of stablecoins soared beyond $50 billion during 2022, a stark contrast to 2020 when their collective market capitalization reached only $1 billion.

该企业是加密货币领域的重要参与者，尤其是用于分散的金融和加密交易目的。在2022年，稳定币的价值飙升了500亿美元以上，与2020年的集体市值仅达到10亿美元时，这是一个鲜明的对比。

USDC generates revenue for the company through investments of its reserve funds in the U.S. Treasury market and other short-term, high-grade credit instruments, according to a previous report by Coinbase. This strategy enables Treasuries to profit regularly in liquid trades, especially during periods of market stress. During Q4 of 2024, Coinbase earned $225.9 million from USDC stablecoin growth due to its relationship with the asset.

根据Coinbase的先前报告，USDC通过其在美国财政市场和其他短期高级信用工具的储备基金的投资为公司创造收入。该策略使国债能够定期在流动交易中获利，尤其是在市场压力期间。在2024年第四季度，Coinbase由于与资产的关系而从USDC Stablecoin增长中获得了2.259亿美元。

The public offering of Circle plans to set new records across crypto markets thanks to its 2021 public listing as Coinbase. The company’s plans to list on the market match recent governmental actions that promote stablecoin policies. The House will soon vote on a new stablecoin bill after the U.S. Senate Banking Committee gave initial approval in March. Former President Trump expressed support for stablecoin rules that create good conditions for businesses such as Circle.

Circle的公开募股计划归功于Coinbase的2021年公开列表，计划在加密货币市场上设定新的记录。该公司在市场上列出的计划与最近促进Stablecoin政策的政府行动相匹配。在美国参议院银行委员会在三月份获得初步批准之后，众议院将很快就新的Stablecoin法案进行投票。特朗普前总统表示支持稳定规则，这些规则为诸如圈子等企业创造了良好的条件。

The upcoming IPO of Circle represents a significant time for cryptocurrency businesses. The initial public offering will provide users with essential information about how strong and reliable stablecoin companies are in the long run.

即将到来的Circle IPO代表了加密货币业务的重要时间。首次公开募股将为用户提供有关长期强大和可靠的Stablecoin公司的重要信息。