USDC Stablecoin背后的公司Circle Internet Financial在NYSE上提交IPO

USDC Stablecoin背后的公司Circle Internet Financial已申请纽约证券交易所的首次公开募股。

Circle Internet Financial, the company behind the USDC stablecoin, has filed for an initial public offering on the New York Stock Exchange.

USDC Stablecoin背后的公司Circle Internet Financial已申请纽约证券交易所的首次公开募股。

The company plans to list under the ticker symbol “CRCL” with JPMorgan Chase and Citigroup serving as lead underwriters. This marks Circle’s second attempt to go public. In 2021, the company tried to merge with a special purpose acquisition company (SPAC), but the deal collapsed in late 2022 amid regulatory challenges and the broader crypto market meltdown following FTX’s collapse.

该公司计划以摩根大通（JPMorgan Chase）和花旗集团（Citigroup）作为主要承销商的股票符号“ CRCL”列出。这标志着Circle的第二次公开尝试。 2021年，该公司试图与特殊目的的收购公司（SPAC）合并，但该协议在2022年底崩溃了，在法规挑战和FTX崩溃后更广泛的加密货币市场崩溃。

The company confidentially filed with the SEC for a traditional IPO in January. It made its prospectus public on Tuesday, providing the first comprehensive look at its financial data.

该公司在一月份向SEC秘密提交了传统的IPO。它在周二将其招股说明书公开，从而首次全面查看了其财务数据。

The company reported $1.68 billion in revenue and reserve income and about $156 million in net income for 2024. Its revenue grew steadily, rising from $1.45 billion in 2023 and $772 million in 2022.

该公司报告说，2024年的收入和储备收入为16.8亿美元，约1.56亿美元的净收入。其收入稳步增长，从2023年的14.5亿美元和2022年的7.72亿美元上升。

The stablecoin issuer is reportedly seeking a valuation of between $4 billion and $5 billion. This represents a decrease from its peak valuation of $9 billion in February 2024 during the revised SPAC merger plan.

据报道，Stablecoin发行人正在寻求40亿至50亿美元的估值。这比其在修订后的SPAC合并计划中的90亿美元的峰值估值下降。

USDC, Circle’s flagship stablecoin, currently has about $60 billion in circulation. This makes it the second-largest stablecoin by market capitalization, amounting to about 26% of the total stablecoin market. Only Tether’s stablecoins have a larger share, with a 67% stake.

USDC是Circle的旗舰Stablecoin，目前有大约600亿美元的发行量。这使其成为市值的第二大稳定币，约占稳定市场总市场的26％。只有Tether的Stablecoins具有更大的份额，股份为67％。

The stablecoin’s market cap has grown by 36% this year, outpacing Tether’s 5% growth during the same period. This reflects a recovery from earlier challenges, including a brief depeg incident in March 2023 when Circle revealed it had $3.3 billion stuck at the failing Silicon Valley Bank.

稳定的市值今年增长了36％，超过了Tether在同一时期的增长5％。这反映了从较早的挑战中恢复的恢复，包括2023年3月的简短DEPEG事件，当时Circle透露它在失败的硅谷银行遇到了33亿美元。

Several crypto and traditional financial firms, including Ripple and PayPal, have launched their own stablecoins. Additionally, Fidelity is reportedly exploring entry into the space.

包括Ripple和Paypal在内的几家加密货币和传统金融公司已经启动了自己的Stablecoins。此外，据报道，富达正在探索进入该领域的进入。

According to unaudited financial statements from the first half of 2023, interest income generated 99% of Circle’s revenue. The company collects income from the interest generated by the dollar-like assets backing USDC, which include U.S. Treasuries.

根据2023年上半年的未经审计财务报表，利息收入占Circle收入的99％。该公司从备份USDC的美元型资产产生的利息中收取收入，其中包括美国国债。

The company also has a revenue-sharing arrangement with Coinbase (NASDAQ:COIN) for USDC. In Q4 of 2024, Coinbase earned $225.9 million in revenue from this partnership.

该公司还与Coinbase（NASDAQ：COIN）一起为USDC安排了收入分享的安排。在2024年第四季度，Coinbase从这种合作伙伴关系中获得了2.259亿美元的收入。

The advancement of stablecoin legislation in Congress appears to be boosting Circle’s prospects. The Senate Banking Committee advanced a bill in March, and the House is expected to vote on their version of the bill early April.

国会中稳定立法的促进似乎正在促进圈子的前景。参议院银行委员会在三月份提出了一项法案，预计该众议院将在4月初对法案的版本进行投票。

President Trump, who has supported a pro-crypto agenda, has stated that he wants to sign stablecoin legislation by August. This more crypto-friendly U.S. administration may create a more favorable environment for Circle’s public debut.

曾支持亲克莱特托议程的特朗普总统表示，他想在八月之前签署Stablecoin立法。这种对加密友好的美国政府可能会为Circle的公开首次亮相创造一个更有利的环境。

Circle will enter the public markets during a volatile period for tech stocks. The Nasdaq recently experienced its steepest quarterly drop since 2022, and the tech IPO market has been mostly quiet for over three years.

Circle将在技术股票的动荡时期进入公共市场。纳斯达克最近经历了自2022年以来最陡峭的季度下降，技术IPO市场大多是三年来的安静。

However, there are signs of revival in the IPO market. So far in 2025, 73 companies have gone public on U.S. exchanges, a 70% increase from 2024. The total value of these deals reached $11.8 billion, a 39% jump compared to the same period in 2024.

但是，IPO市场有复兴的迹象。到目前为止，在2025年，有73家公司在美国交易所上公开，比2024年增长了70％。这些交易的总价值达到118亿美元，与2024年同期相比，这些交易的总价值增加了​​39％。

Other well-known companies, including Klarna, StubHub, and eToro, have also filed to go public in recent months.

近几个月来，包括Klarna，Stubhub和Etoro在内的其他知名公司也已公开申请。

If successful, Circle’s IPO would make it one of the most prominent pure-play crypto companies to list on a U.S. exchange since Coinbase went public in 2021.

如果成功的话，Circle的IPO将成为自2021年Coinbase上市以来，在美国交易所上市的最杰出的纯净加密公司之一。

The company has made strategic moves to position itself closer to the center of global finance. Last year, Circle announced it would relocate its headquarters from Boston to One World Trade Center in New York.

该公司已采取战略举动，使自己更接近全球金融中心。去年，Circle宣布将其总部从波士顿搬到纽约的一个世界贸易中心。

Founded in 2013 by internet entrepreneur Jeremy Allaire and Sean Neville, Circle has raised $1.1 billion in funding from investors including BlackRock (NYSE:BLK) and Coinbase. Neville stepped down as co-CEO in 2019, leaving Allaire as the sole chief executive.

Circle由Internet企业家Jeremy Allaire和Sean Neville于2013年创立，已从Blackrock（NYSE：BLK）和Coinbase等投资者那里筹集了11亿美元的资金。内维尔（Neville）于2019年辞去联合首席执行官，使阿雷尔（Allaire）担任唯一的首席执行官。

The company has undergone several transformations since its founding, launching different business lines focused on payments and crypto trading before pivoting to stablecoins around 2018.

自成立以来，该公司已经进行了多次转型，在2018年左右向Stablecoins旋转之前，推出了针对付款和加密货币交易的不同业务线。

The stablecoin market overall has grown about 11% this year and approximately 47% in the past year. Industry analysts now consider it a “systemically important” part of the crypto market.

在过去的一年中，Stablecoin市场的总体总体增长了约11％，约为47％。行业分析师现在认为这是加密货币市场的“系统上重要”的一部分。