亮点

Crypto在美国成为主流，这不是四月的笑话。强调不断发展甚至生产性关系的举动

Crypto is going mainstream in America, and it’s not an April Fools’ joke. In a move that underscores the evolving and even productive relationship between traditional finance and the cryptocurrency sector, Circle Internet Financial is reportedly preparing for an initial public offering (IPO) slated for late April, according to a report by Bloomberg.

Crypto在美国成为主流，这不是四月的笑话。根据彭博社的一份报告，据报道，据报道，据报道，Circle Internet Financial正在强调传统金融和加密货币领域之间不断发展的甚至富有成效的关系，据报道，Circle Internet Financial正在为4月下旬的首次公开募股（IPO）做准备。

Circle, the issuer of the USDC stablecoin, previously attempted to go public via a special purpose acquisition company (SPAC) in 2021, but that effort was abandoned in December 2022 amid a challenging regulatory environment under the Securities and Exchange Commission (SEC) led by then-Chairman Gary Gensler. However, the current Trump administration has invigorated the crypto sector with its deregulatory focus and laudatory promises to make the U.S. the “crypto capital of the world.”

Circle是USDC Stablecoin的发行人，此前曾试图通过特殊目的收购公司（SPAC）于2021年公开公开，但由于由当时的智商加里·盖斯勒（Gary Gensler）领导的证券交易委员会（SEC）领导的证券交易委员会（SEC），这项工作于2022年12月在2022年12月放弃。但是，现任特朗普政府以放松的重点和值得称赞的承诺使美国成为“世界的加密之都”。

In a sign of the times, the SEC has to-date dismissed or halted at least eight cases against crypto firms, including some of the industry’s most high-profile names. For their part, domestic crypto firms are taking advantage of the new environment. Cryptocurrency firm Gemini, headed by billionaire twin brothers Cameron and Tyler Winklevoss, has also filed confidentially for an IPO; while cryptocurrency exchange Kraken is reportedly preparing to go public as soon as the first quarter of 2026.

在《纽约时报》的迹象中，SEC迄今已驳回或停止至少八个针对加密货币公司的案件，包括该行业最引人注目的名字。就国内加密公司而言，他们正在利用新环境。由亿万富翁双胞胎兄弟卡梅伦（Cameron）和泰勒·温克尔沃斯（Tyler Winklevoss）领导的加密货币公司Gemini还秘密地提交了IPO；据报道，尽管加密货币交易所交易所正准备在2026年第一季度公开上市。

But Circle, a stablecoin issuer, has a different business model and plays a different role in the crypto landscape than both Gemini and Kraken. As such, Circle’s public debut has the potential to reshape competitive dynamics, enhance transparency, spur adoption, sway investor sentiment, and influence regulatory discourse around stablecoins in the U.S. and internationally.

但是，Stablecoin发行人Circle具有不同的商业模式，并且在加密货币景观中扮演着不同的角色。因此，Circle的公开首次亮相有可能重塑竞争动力，提高透明度，刺激采用，摇摆投资者的情绪，并影响美国和国际上的Stablecoins围绕Stablecoins的监管论述。

The report from Bloomberg also notes that Circle’s listing could be relevant for the broader picture of U.S. FinTech, especially in terms of how it compares to PayPal. Both firms are highly regulated and publicly visible, and both are vying to offer the most trusted digital dollar.

彭博社的报告还指出，Circle的清单可能与美国金融科技的更广泛情况有关，尤其是在与PayPal相比的方面。这两家公司都受到高度监管和公开可见的，并且都在争夺提供最值得信赖的数字美元。

With its stronger capital position after the IPO, Circle may be able to offer incentives or improved infrastructure (APIs, custody solutions, insurance, etc.) to institutional clients. In the realm of U.S. crypto IPOs, the largest to date was Coinbase’s debut in 2021, with an initial valuation of approximately $86 billion.

在IPO之后，Circle可能能够为机构客户提供激励措施或改进的基础设施（API，保管解决方案，保险等）。在美国加密货币IPO的领域中，迄今为止最大的是Coinbase在2021年的首次亮相，最初的估值约为860亿美元。

As of reporting, Coinbase has a market cap of $43.7 billion, and an enterprise value of $38.5 billion. In contrast, Circle is reportedly seeking a valuation of up to $5 billion, and has enlisted financial giants JPMorgan Chase and Citi to facilitate its IPO. The two banks also worked on Coinbase’s IPO.

截至报告时，Coinbase的市值为437亿美元，企业价值为385亿美元。相比之下，据报道，Circle正在寻求高达50亿美元的估值，并邀请金融巨头JPMorgan Chase和Citi促进其IPO。两家银行还在Coinbase的IPO上工作。

Internationally, Circle’s IPO positions USDC to challenge Tether (USDT), the long-dominant global stablecoin, more aggressively. Tether maintains a commanding share of the stablecoin market, presenting around 70% or about $130-140 billion in supply; a slice of the pie far above USDC’s roughly 20% share. Still, unlike Circle, Tether’s issuer remains private and less transparent, which has resulted in scrutiny about its reserves.

在国际上，Circle的IPO将USDC定位为挑战长期占主导地位的全球Stablecoin Tether（USDT），更加积极地。 Tether维持Stablecoin市场的指挥份额，供应量约为70％或约130-1400亿美元；一片馅饼远远高于USDC的约20％的份额。尽管如此，与Circle不同，Tether的发行人仍然保持私密和透明度，这导致了对其储备的审查。

That said, Tether has deeply entrenched liquidity and user trust in many crypto markets, especially in Asia and emerging markets.

也就是说，系tether在许多加密市场，尤其是在亚洲和新兴市场中深深地根深蒂固的流动性和用户信任。

See Also: Compliance Divides Stablecoin Market: Why CFOs And Treasury Teams Should Care

另请参阅：合规性划分Stablecoin市场：为什么首席财务官和财政团队应该关心

As Circle prepares for its IPO, the company's journey has been marked by regulatory hurdles. When the company's SPAC deal fell through last year, it was amid a challenging regulatory environment under the SEC led by then-Chairman Gary Gensler.

当Circle为IPO做准备时，公司的旅程已由监管障碍标记。当该公司的SPAC交易持续到去年时，这是一个由当时的主席Gary Gensler领导的SEC领导下的具有挑战性的监管环境。

However, the current Trump administration has invigorated the crypto sector with its deregulatory focus and laudatory promises to make the U.S. the “crypto capital of the world.” In a sign of the times, the SEC has to-date dismissed or halted at least eight cases against crypto firms, including some of the industry's most high-profile names.

但是，现任特朗普政府以放松的重点和值得称赞的承诺使美国成为“世界的加密之都”。在《纽约时报》的迹象中，SEC迄今已驳回或停止至少八个针对加密货币公司的案件，包括该行业最引人注目的名字。

For their part, domestic crypto firms are taking advantage of the new environment. Cryptocurrency firm Gemini, headed by billionaire twin brothers Cameron and Tyler Winklevoss, has also filed confidentially for an IPO; while cryptocurrency exchange Kraken is preparing to go public as soon as the first quarter of 2026.

就国内加密公司而言，他们正在利用新环境。由亿万富翁双胞胎兄弟卡梅伦（Cameron）和泰勒·温克尔沃斯（Tyler Winklevoss）领导的加密货币公司Gemini还秘密地提交了IPO；尽管加密货币交易所交易所准备在2026年第一季度公开上市。

But Circle, a stablecoin issuer, has a different business model and plays a different role in the crypto landscape than both Gemini and Kraken. As such, Circle's public debut has the potential to reshape competitive dynamics, enhance transparency, spur adoption, sway investor sentiment, and influence regulatory discourse around stablecoins in the U.S. and internationally.

但是，Stablecoin发行人Circle具有不同的商业模式，并且在加密货币景观中扮演着不同的角色。因此，Circle的公开首次亮相有可能重塑竞争动力，提高透明度，刺激采用，摇摆投资者的情绪，并影响美国和国际上的Stablecoins围绕Stablecoins的监管论述。

The report from Bloomberg also notes that Circle's listing could be relevant for the broader picture of U.S. FinTech, especially in terms of how it compares to PayPal. Both firms are highly regulated and publicly visible, and both are vying to offer the most trusted digital dollar.

彭博社的报告还指出，Circle的清单可能与美国金融科技的更广泛情况有关，尤其是在与PayPal相比的方面。这两家公司都受到高度监管和公开可见的，并且都在争夺提供最值得信赖的数字美元。

With its stronger capital

拥有更强大的资本