USDC发行人圈子的IPO文件，标志着成为一家公开交易的公司迈出的重大步骤

USDC Stablecoin的发行人Circle已申请首次公开募股（IPO），这标志着成为一家公开交易的公司迈出的重要一步。

Circle, the issuer of the USDC stablecoin, has filed for an initial public offering (IPO), taking a major step toward becoming a publicly traded company.

USDC Stablecoin的发行人Circle已申请首次公开募股（IPO），迈出了成为一家公开交易公司的重要一步。

The firm has submitted its prospectus to the Securities and Exchange Commission (SEC), aiming to list its shares on the New York Stock Exchange under the ticker symbol “CRCL.” This move comes at a time when the U.S. government appears to be becoming more favorable toward cryptocurrency and blockchain-based technologies.

该公司已将其招股说明书提交给美国证券交易委员会（SEC），旨在将其在纽约证券交易所的股份下方以股票符号“ CRCL”。这一举动是在美国政府似乎对加密货币和基于区块链的技术变得越来越有利的时候。

USDC Issuer Circle Files for IPO

USDC发行人圈文件IPO

Circle’s decision to go public follows years of anticipation. The company first attempted to enter the public markets via a merger with a special purpose acquisition company (SPAC) in 2021. However, this effort was halted due to regulatory concerns and timing issues with the SEC.

Circle公开决定遵循多年的预期。该公司在2021年首次通过与特殊目的采购公司（SPAC）合并进入公共市场。但是，由于SEC的监管问题和时机问题，这项工作被停止了。

Since then, Circle has worked to position itself as a more integral player in global finance, including relocating its headquarters from Boston to New York’s One World Trade Center.

从那时起，Circle一直致力于将自己定位为全球金融领域不可或缺的球员，包括将其总部从波士顿搬到纽约的一个世界贸易中心。

In 2024, Circle submitted a draft registration statement for its IPO with the SEC, move that has been made in light of the growing influence of stablecoins in the crypto-market. In the case of IPO, it will give Circle access to public funds, and investors a chance to invest in a company that has been active in cryptocurrency for several years now.

2024年，Circle提交了与SEC的IPO的注册声明草案，鉴于Stablecoins在加密货币市场中的影响不断增长。就IPO而言，它将使圈子获得公共资金，投资者有机会投资一家活跃于加密货币几年的公司。

Financial Performance and IPO Valuation

财务绩效和IPO估值

Circle reported a significant increase in its revenue for 2024, with its total revenue reaching $1.68 billion, up from $1.45 billion in 2023. A large portion of this income came from reserve income related to its stablecoin operations. The company’s net income for the year stood at approximately $156 million, though this was a decrease from $268 million in 2023.

Circle报告说，其2024年的收入显着增加，其总收入达到16.8亿美元，高于2023年的14.5亿美元。这笔收入的很大一部分来自与Stablecoin业务相关的储备收入。该公司当年的净收入约为1.56亿美元，尽管这比2023年的2.68亿美元减少了。

The IPO is expected to value Circle at between $4 billion and $5 billion, with JPMorgan Chase and Citigroup acting as the lead underwriters.

IPO预计将重视40亿至50亿美元之间的评价，摩根大通和花旗集团充当负责承销商。

The company’s created stablecoin USDC is now among the biggest and most popular stablecoins available in the cryptocurrency market having a market capitalization of around $60 billion.

该公司创建的Stablecoin USDC现在是加密货币市场中最大，最受欢迎的Stablecoins之一，市值约为600亿美元。

Regulatory Climate and Crypto-Friendly Shift

监管气候和加密友好

Circle’s decision to go for the IPO can also be seen as a signal of a change in the regulatory outlook of cryptocurrencies in the US. The current government under the presidency of Donald Trump is more receptive and inclined towards formulating favorable crypto laws. This change has given more assurance to firms in the crypto space such as Circle, which now has a chance to conduct its operations under a friendly regulatory environment.

Circle决定进行IPO的决定也可以看作是美国加密货币监管前景变化的信号。唐纳德·特朗普（Donald Trump）担任总统的现任政府更容易接受，并且倾向于制定有利的加密法。这种变化对Circle等加密货币领域的公司提供了更多保证，该公司现在有机会在友好的监管环境下进行运营。

Analysts have noted that the US authorities may introduce legislation regulating stablecoins this year, which will allow Circle to strengthen its position in the market. Such moves also show the increasing role of stablecoins in the context of the company’s cooperation with exchanges like Coinbase that have committed to sharing revenues generated by USDC.

分析师指出，美国当局可能会在今年引入规范稳定的立法，这将使圈子能够加强其在市场上的地位。这样的举动还表明，在公司与Coinbase这样的交易所合作的背景下，Stablecoins的作用越来越大，该公司致力于共享USDC产生的收入。

But, Circle is not alone in the crypto-related firm trying to list it on the stock exchange. Another big player in the sphere of blockchain, Ripple, is also believed to be considering going public. Although facing continued regulatory scrutiny from the SEC, Ripple has obtained a strong standing in the cryptocurrency market, especially in cross-border payments, which puts the company in the position to possibly mimic Circle.

但是，在与加密相关的公司中，Circle并不是一个试图将其列入证券交易所的公司。区块链领域的另一个大球员Ripple也被认为正在考虑公开。尽管面对SEC的持续监管审查，但Ripple在加密货币市场上表现得很强烈，尤其是在跨境支付中，这使该公司有可能模仿圈子。