Group 1 - Circle's IPO performance exceeded expectations, with a subscription rate over 20 times the offering amount and a closing price increase of 168% [1] - The $1.1 billion IPO is the most notable cryptocurrency IPO since Coinbase's direct listing in 2021, potentially boosting confidence for other crypto companies considering IPOs [1] - Other cryptocurrency companies, such as BitGo and Kraken, are reportedly planning IPOs, while Gemini has secretly submitted an IPO application [1] Group 2 - Circle is distinct from other crypto companies like Coinbase, as its revenue primarily comes from U.S. Treasury bonds and other income-generating instruments, rather than transaction fees [2] - The timing of Circle's IPO coincides with a rebound in the stock and cryptocurrency markets, with eToro Group's stock rising 20% since its mid-May listing [2] - U.S. Congress is considering legislation to regulate stablecoins, and Circle claims to have the second-largest stablecoin by market cap, following Tether [2] Group 3 - Circle's CEO Jeremy Allaire stated that the IPO will enhance trust, compliance, and transparency for its regulated stablecoin network, improving collaboration with mainstream financial institutions [3] - The IPO could also uplift the valuations of other companies, particularly those with lower valuations compared to previous years [3] - Chime Financial is expected to be the next major fintech IPO, with a diluted valuation potentially reaching $11 billion, significantly down from its $25 billion valuation in 2021 [3]

01 大盘 昨夜美股三大股指集体收跌。截至收盘，道指跌 0.25%，纳指跌 0.83%，标普跌 0.53%。恐慌指数VIX 涨 4.94%至18.48。美元指数昨日跌 0.09%，报98.74。美国十年国债收益率涨0.849%，收报4.393%，相 较两年期国债收益率差47.1个基点。现货黄金昨日跌 0.58%，报3352.65美元/盎司。布伦特原油收涨 0.62%至65.24。 02 行业&个股 行业板块方面，除通讯收涨0.14%外，标普其他9大板块悉数收跌：日常消费、原料、半导体、科技、 公用事业、医疗、能源、工业和房地产分别收跌0.96%、0.59%、0.42%、0.28%、0.16%、0.14%、 0.1%、0.07%和0.02%。 中概股多数收跌，KWEB涨0.85%，台积电涨 0.46%，阿里涨 0.43%，拼多多跌 0.32%，京东跌 0.72%， 理想跌 0.64%，小鹏跌 1.91%， 富途跌 4.07%，蔚来跌 3.47%。 大型科技股涨跌互现。微软涨 0.82%，英伟达跌 1.36%，苹果收跌 1.08%，美国上诉法院驳回苹果暂停 执行App Store整改命令的请求。亚马逊涨 0.33 ...

智通财经APP获悉，周四，美国稳定币领域的领军企业Circle Internet Group(CRCL.US)正式登陆纽约证 券交易所，首日交易表现堪称"疯狂"，在短短几分钟内股价飙升逾两倍，被交易所三次临时停牌，最终 收盘涨幅高达168%。这一亮眼表现也被市场普遍视为"加密热潮回归"的标志性事件。 Circle此次发行了3400万股，IPO定价为每股31美元，首日开盘即暴涨至69美元，随后一度飙升至103.75 美元，较发行价上涨235%。最终收报于83.23美元，市值达到约184亿美元；若将期权、认股权证及承 销商可能购买的股份计算在内，总估值则升至214亿美元。 Circle首席财务官Jeremy Fox-Geen在上市首日接受采访时表示："这是Circle历史性的时刻，但对我们的 使命来说仍然只是开始。我们专注于构建和拓展新型货币科技的应用场景。" 据悉，Circle此次IPO获得超额认购，供不应求。华尔街一位资深交易董事向媒体透露，本次发行"远远 超出预期"，成为年内加密领域最大规模的一次融资。 Circle是稳定币USDC的发行方，USDC是一种锚定美元的加密货币，其价格通常稳定在1美元左右，因 ...

金十数据6月6日讯，稳定币发行商Circle Internet Group及其出售股份的股东在首次公开募股（IPO）中 筹集了近11亿美元资金，此后该公司股价开盘飙升186%，两次触发熔断。Circle成为Coinbase、Mara Holdings和 Riot Platforms等少数几家在美国上市的纯加密货币公司之一。这是该公司第二次尝试上市。 此前，其与一家特殊目的收购公司的合并计划在2022年底因监管挑战而失败。在美国政府的友好态度 下，加密货币行业正获得新的政治支持。特别是稳定币领域，由于预期国会将在今年夏天通过稳定币相 关立法，该领域一直在加速发展。华尔街分析师表示，稳定币市场在未来五年内可能增长10倍，创造出 万亿美元的市场机遇。 稳定币巨头Circle涨幅扩大至186% 再次触及熔断 ...

智通财经6月6日电，稳定币第一股Circle开盘现涨超140%，报75.9美元，IPO定价31美元。 ...

Core Viewpoint - The election of Lee Jae-myung as South Korea's president marks a significant shift towards a pro-cryptocurrency stance, potentially ushering in a new era for the country's cryptocurrency market [1][8]. Group 1: Election and Market Context - Approximately one-third of South Korea's population holds digital assets, with a total value of $74.5 billion in cryptocurrency [2]. - Lee Jae-myung won the presidential election with a vote share of 49.42%, defeating Kim Moon-soo, who received 41.15% [1]. Group 2: Proposed Policies - Lee Jae-myung plans to enact a two-phase Crypto Asset Framework Act to support industry development and regulatory systematization [3]. - The legalization of cryptocurrency spot ETFs, including Bitcoin and Ethereum, is a key focus, aiming to break the current ban on such financial products [4]. - The proposal to allow the National Pension Fund, valued at $884 billion, to invest in cryptocurrencies could significantly enhance market liquidity [5]. - Development of a Korean won-backed stablecoin is prioritized to prevent capital outflow and establish a competitive position in the global stablecoin market [6]. - The completion of the Basic Act on Digital Assets will provide clearer legal frameworks for cryptocurrency exchanges and stablecoin regulations [7]. Group 3: Market Implications - If successfully implemented, these pro-cryptocurrency policies could have profound effects on both the South Korean and global cryptocurrency markets [8]. - The introduction of spot ETFs and potential institutional investments from the National Pension Fund could lead to increased market liquidity and attract traditional financial institutions [11]. - The establishment of a Korean won stablecoin could enhance the currency's influence in the digital economy and open new avenues in global digital currency competition [11]. - Government support for the cryptocurrency industry is expected to drive innovation and create job opportunities within the blockchain sector [11].

Core Viewpoint - Circle has successfully increased its IPO scale to 34 million shares at a price of $31, raising approximately $1.1 billion, driven by strong market demand for stablecoin assets [2][3] Company Overview - Circle, founded in 2013, specializes in fiat currency transfer services and is known for its product CirclePay, often referred to as "the American Alipay" [2] - The company is also the issuer of the USDC stablecoin, which is the second-largest stablecoin globally, with a circulation of approximately $60 billion, accounting for about 26% of the total stablecoin market [2] Financial Performance - Circle's revenue has shown strong growth, with projected revenues of $772 million in 2022, $1.45 billion in 2023, and $1.676 billion in 2024, indicating a consistent upward trend [3] - The company's net profit is expected to decline from $268 million in 2023 to $156 million in 2024, despite maintaining a high level of profitability overall [3] - Major shareholders include prominent international investment firms such as Accel, Breyer Capital, General Catalyst, IDG Capital, Oak Investment Partners, and entities related to FMR [3] Regulatory Environment - Recent regulatory developments have created a favorable environment for Circle's IPO, including the passage of the GENIUS Act, which aims to establish a clear federal regulatory framework for stablecoins [5] - This regulatory clarity is expected to enhance the market's reassessment of Circle's business model and compliance sustainability [5] - Additionally, Hong Kong has introduced its own stablecoin regulatory framework, further solidifying the global regulatory landscape for stablecoins [5] Market Position - Following its IPO, Circle will become one of the most prominent publicly traded cryptocurrency companies, with all its operations centered around crypto stablecoins [6] - The company is positioned to benefit from the dual boost of the stock market and the cryptocurrency sector, as evidenced by the recent performance of related companies like Robinhood [6]

美国参议院近期审议的《稳定币统一标准保障法案》正引发加密货币领域与金融市场的密切关注。这项被简称为"稳定币法案"的立法提案，被部分人解读为 特朗普政府为稳定币赋予合法地位的战略举措，其深层意图是通过加密货币工具化解美国规模已达36.2万亿美元的国债危机。 稳定币作为加密货币的重要分支，其运行机制与比特币存在本质差异。这类数字资产通过与法定货币或其他传统资产锚定维持价值稳定，最具代表性的泰达 币（USDT）即与美元保持1:1兑换比例。 支持者构想的解决方案逻辑看似清晰：通过发展稳定币吸引全球投资者，发行商将兑换所得美元导入美债市场，从而激活国债交易活跃度并扩大资金池。但 深入剖析即可发现，这种设想存在两个根本性逻辑漏洞。 第一个漏洞是新法案的核心条款对长期美债构成实质性限制。 美国国债按期限可分为短期国库券和中长期债券，当前财政困境的症结恰恰在于长期债务。由于短期国债本质接近现金等价物，财政部无需为这部分债务支 付利息，但30年期等长期债券的利息支出已成为沉重负担——2024年美国国债利息支出已突破万亿美元大关。 更严峻的是，市场对长期美债的需求持续萎缩，而短期品种仍不乏买家。这意味着化解国债危机的关键在于激活 ...

币圈传来大消息，稳定币第一个IPO来了，稳定币巨头Circle预计于6月5日在美国纽约证券交易所 （NYSE）上市，这将是稳定币领域的首个IPO。 当然最后，业内同时也认为，稳定币虽然将促进挂钩货币在微观经济层面的渗透，但也会带来反洗钱、 反恐怖融资的问题，未来也将考验金融监管者。 国盛证券称，此次Circle若成功上市，将进一步推动美国稳定币市场的发展，同时加速传统金融用户尤 其是机构用户对稳定币的接受进程。稳定币自诞生以来，成为加密货币市场参与者重要的工具——提供 价值储备和计价工具，同时作为各类加密货币现货/期货交易的保证金，是最为重要的一类加密货币工 具。若Circle成功上市，对市场将是重要的利好。 从业务来看，Circle的盈利模式其实就是简单的"吃利息"，每一枚发行的USDC都有1美元的法定货币储 备支持。Circle将这些储备金存放于安全的短期资产中，例如美国银行存款和由贝莱德管理的短期美国 国债基金，在高利率环境下可产生可观的利息收益。 从基本面看，2023年Circle净利润约2.68亿美元，2024年净利润约1.56亿美元。根据招股书数据，2024 年Circle总营收约16.76亿美元 ...

点击图片▲立即试听 " 全球加速推动稳定币立法的背后，是希望利用稳定币来巩固美元主导地位的美国，和尝试 ' 去美元化 ' 的其他国家。 " 文 / 巴九灵（微信公众号：吴晓波频道） 最近，身边很多人都在讨论一个新东西：稳定币。 尤其进入5月，中美欧好像排练好了一样，先后抛出稳定币监管重磅文件。 5月20日，美国参议院通过了《指导和确立美国稳定币国家创新法案》关键程序性投票，即"天才法案"，可能在年底前完成立法。 仅仅过了一天，中国香港通过了《稳定币条例草案》，前两天经过宪报刊登，该草案正式成为法例，叫做《稳定币条例》。中国香港成为全球首个 对法币稳定币实施全链条监管的司法管辖区，随后引发一波相关题材的港股暴涨。 看似香港"光速"立法，但如果把时间轴往前拉，这股"风暴"已经在多个国家酝酿多时—— 5月，英国发布了关于稳定币发行、加密资产托管及加密资产公司财务稳健性的监管提案；3月，日本细化了加密资产及稳定币的监管调整；去年 12月，欧洲《加密资产市场监管法案》正式成为法律…… 问题来了：稳定币到底是什么？这背后是币圈的热潮，还是大国博弈的新战线？ 美国财政部长贝森特在3月的白宫首次数字资产峰会上"透露"了意图： ...