经过多年的延误，Circle终于朝着传统的IPO迈进，邀请JPMorgan和Citi领导可能成为最大的加密货币清单

该公司因发行美元硬币（USDC）Stablecoin而闻名，预计将在4月下旬公开提交IPO文书工作。

After years of anticipation and the collapse of a SPAC deal, Circle is finally setting its sights on a traditional IPO, enlisting JPMorgan and Citi to lead what could be the biggest crypto listing since Coinbase, Fortune reported on Friday, citing people familiar with the matter.

经过多年的期待和SPAC交易的崩溃，Circle终于将目光投向了传统的IPO，邀请JPMorgan和Citi领导以来Coinbase以来最大的加密货币上市，并以熟悉此事的人们为由。

The company, known for issuing the USD Coin (USDC) stablecoin, is expected to submit its IPO paperwork publicly by late April.

该公司因发行美元硬币（USDC）Stablecoin而闻名，预计将在4月下旬公开提交IPO文书工作。

While the exact timeline for the listing remains uncertain, a public filing would reveal the company’s financial performance and proposed ticker for the first time.

尽管上市的确切时间表仍然不确定，但公开文件将揭示公司的财务绩效，并首次提出了诉讼。

The move marks Circle’s return to the public markets after a failed attempt in 2021. The company had previously tried to list via a merger with a special purpose acquisition company.

此举标志着2021年失败的尝试失败后，Circle返回了公共市场。该公司此前曾尝试通过与特殊目的收购公司合并来列出。

However, the deal collapsed in late 2022 amid heightened regulatory scrutiny and a downturn in digital assets following the implosion of FTX.

然而，该交易在2022年底崩溃了，因为在FTX内爆后，监管审查加剧了，数字资产的低迷。

Investor scrutiny

投资者的审查

USDC has become a key player in the crypto ecosystem, widely used for payments, trading, and decentralized applications.

USDC已成为加密生态系统中的关键参与者，广泛用于付款，交易和分散应用程序。

After peaking above $50 billion in market cap in 2022, USDC saw a sharp drop following the Silicon Valley Bank crisis in early 2023, when $3.3 billion of Circle’s reserves became briefly inaccessible.

在2022年达到500亿美元的市值之后，在2023年初硅谷银行危机之后，USDC看到了急剧下降，当时33亿美元的Circle储量变得短暂地无法访问。

The stablecoin temporarily lost its dollar peg but quickly recovered after federal intervention. As of March, USDC’s market cap has reached a new high near $60 billion. Still, Circle faces questions about the breadth of its revenue streams.

稳定币暂时失去了美元钉，但在联邦干预后迅速康复。截至3月，USDC的市值已达到600亿美元的新高额。尽管如此，Circle仍面临有关其收入流的广度问题。

According to unaudited financial figures seen by industry sources, nearly all of the company’s income in early 2023 came from interest on reserve assets, such as US Treasuries and cash equivalents.

根据行业消息来源所见的未经审计的财务数据，该公司几乎所有2023年初的收入都来自储备金的利息，例如美国国债和现金同等。

Coinbase, a key partner in the issuance of USDC, generated over $225 million in USDC-related revenue in the final quarter of 2024 alone.

Coinbase是USDC发行的主要合作伙伴，仅在2024年的最后一个季度，就会产生超过2.25亿美元的USDC相关收入。

Circle’s latest valuation target is reportedly in the range of $4 billion to $5 billion, down from the $9 billion valuation set during its abandoned SPAC deal.

据报道，Circle的最新估值目标范围为40亿美元至50亿美元，低于其废弃SPAC交易期间的90亿美元估值。

According to people familiar with the transactions, shares of the company last changed hands on private markets at around $5 billion.

据熟悉交易的人们称，该公司的股票最后易手私人市场，约50亿美元。

IPO momentum builds

IPO动量构建

The offering comes as the US IPO landscape shows signs of recovery. So far in 2025, public listings on American exchanges are up significantly compared to last year, with over 70 companies debuting and raising nearly $12 billion.

当美国IPO景观显示恢复的迹象时，该产品即将到来。到目前为止，2025年，与去年相比，有关美国交易所的公开清单显着增加，有70多家公司首次亮相并筹集了近120亿美元。

Circle may also benefit from growing political momentum around stablecoin regulation.

圈子还可能受益于围绕Stablecoin监管的政治动力受益。

The Senate Banking Committee advanced legislation earlier this month, and the House is expected to follow suit in April. Meanwhile, President Donald Trump has publicly supported digital assets and signaled his intent to sign stablecoin legislation by summer.

参议院银行委员会本月早些时候提出了高级立法，预计众议院将在4月效仿。同时，唐纳德·特朗普（Donald Trump）总统已公开支持数字资产，并表示他打算在夏季签署Stablecoin立法。

However, Circle will not be alone in the market. Competing stablecoins have launched from traditional financial firms and crypto companies alike, including offerings from PayPal, Ripple, and potentially Fidelity.

但是，Circle并不孤单。相互竞争的稳定币是由传统金融公司和加密货币公司发起的，包括Paypal，Ripple和潜在的忠诚度的产品。