Circle拟登陆纽交所，稳定币和RWA成为市场双引擎

Investment Rating - The report maintains an "Increase" rating for the blockchain industry [6]. Core Viewpoints - Circle has submitted an S-1 form to the SEC to go public on the NYSE under the ticker CRCL, potentially becoming the first publicly listed stablecoin issuer in the U.S. [1][9] - As of April 2, 2025, the total market capitalization of stablecoins exceeds $237.5 billion, with USDT and USDC being the dominant products [2][9]. - The RWA market is experiencing growth, serving as a bridge between traditional finance and the cryptocurrency market, with a market value exceeding $19.7 billion as of April 2, 2025 [3][16]. Summary by Sections Circle's IPO and Market Impact - Circle's stablecoin-related business is projected to generate $1.7 billion, accounting for 99.1% of its total revenue by the end of 2024 [1][9]. - The successful IPO of Circle is expected to accelerate the acceptance of stablecoins among traditional financial users, particularly institutional investors [2][10]. Stablecoins and RWA as Market Engines - Stablecoins are fundamental RWA products that anchor fiat currencies like the U.S. dollar to the blockchain, facilitating entry for traditional financial market users into the cryptocurrency space [3][13]. - The RWA market is showing a positive upward trend, contrasting with the decline in the DeFi market's total value locked (TVL) [16][20]. Traditional Financial Institutions' Role - Traditional financial institutions are increasingly participating in the RWA market, as evidenced by initiatives like the tokenized U.S. Treasury market [4][20]. - The collaboration between major funds and RWA indicates a growing trend of traditional finance embracing RWA, which is expected to drive the development of the cryptocurrency market [4][20].