在纽约证券交易所上的首次公开募股（IPO）圈出互联网组文件

根据4月1日的S-1申请，该公司计划在股票CRCL下列出。

Circle Internet Group, the company behind the USDC stablecoin, filed for an initial public offering (IPO) on the New York Stock Exchange. According to the April 1 Form S-1 filing, the firm plans to list under the ticker CRCL.

USDC Stablecoin背后的公司Circle Internet Group申请了纽约证券交易所的首次公开募股（IPO）。根据4月1日的S-1申请，该公司计划在股票CRCL下列出。

The document, submitted to the U.S. Securities and Exchange Commission (SEC), did not mention the number of shares or the offer price. The Circle IPO marks another attempt by the company to go public. It previously pursued a SPAC merger in 2021, which was canceled in December 2022. In January 2024, Circle submitted a confidential filing to the SEC.

该文件已提交给美国证券交易委员会（SEC），没有提及股票数量或要约价格。 Circle IPO标志着公司公开的另一种尝试。它以前在2021年于2022年12月取消了SPAC合并。2024年1月，Circle向SEC提交了机密文件。

The filing comes as other crypto firms, including Kraken and BitGo, are also preparing for potential listings.

该备案是因为其他加密公司（包括Kraken和Bitgo）也正在为潜在列表做准备。

Circle Revenue Reached $1.67 Billion in 2024

圈子收入在2024年达到16.7亿美元

The Circle financials showed $1.67 billion in revenue for 2024, a 16% increase from the previous year. However, net income fell by 41.8%, decreasing to $155.6 million. In 2023, Circle earned more, while in 2022, it reported a net loss of $761.7 million.

Circle Financials显示2024年的收入为16.7亿美元，比上一年增长了16％。但是，净收入下降了41.8％，降至1.556亿美元。 2023年，Circle赚了更多，而在2022年，它的净亏损为7.617亿美元。

One key cost listed in the filing was $908 million paid to Coinbase in 2024. Coinbase is Circle’s main partner in distributing USDC. This cost was higher than Circle’s own profits from the stablecoin.

该文件中列出的一个关键成本是2024年向Coinbase支付了9.08亿美元。Coinbase是Circle分发USDC的主要合作伙伴。这一成本高于Circle自身从Stablecoin中获利。

Agora CEO Nick van Eck made an observation that Coinbase was making more money from the USDC stablecoin circulation than Circle was.

Agora首席执行官尼克·范·埃克（Nick Van Eck）观察到，Coinbase从USDC Stablecoin循环中赚取的钱超过了Circle。

Matthew Sigel, head of digital asset research at VanEck, elaborated on the matter. He explained that high distribution costs impacted both Circle’s EBITDA and net income.

Vaneck数字资产研究负责人Matthew Sigel详细介绍了此事。他解释说，高分配成本影响了Circle的EBITDA和净收入。

Over 99% of Circle Revenue Came From Stablecoin Reserves

超过99％的圈子收入来自Stablecoin储备金

The filing revealed that over 99% of Circle’s revenue came from its stablecoin reserves. Circle holds assets like Treasury bills to generate income tied to USDC.

该文件显示，Circle收入中有99％来自其稳定储备。 Circle持有诸如国库账单之类的资产，以产生与USDC相关的收入。

The company’s balance sheet also included crypto holdings. Circle owns $6.2 million in Bitcoin, $5.6 million in Sui, and $3.3 million in Ether. Other holdings include Aptos, Sei, and Optimism. However, these do not represent the main revenue source.

该公司的资产负债表还包括加密货币。 Circle拥有620万美元的比特币，560万美元的SUI和330万美元的Ether。其他股份包括Aptos，SEI和乐观。但是，这些并不代表主要收入来源。

Circle continues to use stablecoin reserves to earn most of its income. No change in strategy was outlined in the filing.

Circle继续使用Stablecoin储备来赚取其大部分收入。文件中没有概述战略的变化。

USDC Circle’s Public Listing Follows International Expansion

USDC Circle的公开清单遵循国际扩张

Recently, Circle expanded internationally. On March 25, it became the first stablecoin issuer approved in Japan. The next day, USDC went live on SBI VC Trade, a local crypto exchange.

最近，Circle在国际上扩张。 3月25日，它成为日本批准的第一位稳定发行人。第二天，USDC在当地的加密交易所SBI VC Trade上线。

The USDC stablecoin is currently the second-largest by market cap. According to CoinGecko data, it holds a $60.1 billion market cap. Tether (USDT) leads with $143.9 billion.

USDC Stablecoin目前是市值第二大。根据Coingecko Data的数据，它拥有601亿美元的市值。 Tether（USDT）以1439亿美元领先。

While the IPO filing focused on U.S. financial data, the listing follows this regulatory milestone in Japan. The Circle public listing adds to the list of crypto firms entering public markets.

尽管IPO申请的重点是美国财务数据，但列表遵循日本的这一监管里程碑。 Circle Public Listing将进入公共市场的加密货币公司列表增加了。