Core Viewpoint - Circle's IPO represents a significant milestone not only for the company but also for the acceptance and integration of stablecoins into traditional financial markets, especially following the recent U.S. stablecoin legislation [1][4]. Group 1: Company Overview - Circle, founded in 2013, is the issuer of the USDC stablecoin, which has a total market capitalization of approximately $60 billion, accounting for 25% of the global stablecoin market [3][4]. - The company has experienced substantial growth, with its stock price surging 168.48% on its IPO day, reaching a market capitalization of $18.356 billion (approximately 132 billion RMB) [1]. Group 2: IPO Details - Circle's IPO was highly anticipated, with over 25 times oversubscription and multiple increases in the number of shares offered due to strong market demand [1][4]. - The IPO price was initially set between $24-26 per share but was ultimately priced at $31, reflecting the robust interest from major asset management firms like BlackRock and Ark Invest [4]. Group 3: Business Model - Circle's business model is akin to traditional finance, with USDC pegged 1:1 to the U.S. dollar, meaning each USDC is backed by an equivalent amount of USD [5]. - The primary revenue source for Circle is interest from U.S. Treasury securities, projected to generate $1.676 billion in revenue for 2024, with 99% coming from reserve interest [6]. Group 4: Historical Context and Support - Circle's early funding included significant investments from Chinese venture capital firms, with IDG Capital being a notable early supporter [12][14]. - The company's founder, Jeremy Allaire, has a history of successful ventures, marking this IPO as his third, emphasizing his focus on compliance and regulatory alignment in the financial sector [7][9]. Group 5: Market Implications - The successful IPO of Circle is seen as a symbol of traditional finance's embrace of stablecoins, coinciding with legislative developments in the U.S. and Hong Kong's regulatory framework for stablecoins [4][14]. - The listing has positively impacted the stock prices of Chinese investors involved with Circle, indicating a broader market response to the stablecoin narrative [12][14].
昨夜，全球最火IPO暴涨168%