Circle's upcoming IPO, what assets can be traded?

张问

2025-06-03 13:05

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The global second-largest stablecoin giant Circle submitted its prospectus at the end of May, preparing for a listing on the Nasdaq with an expected valuation of $5.4 billion.
Unexpectedly, a few days later, perhaps due to the popularity of the stablecoin+RWA concept, Circle announced that it had increased its $5.4 billion valuation to $7.2 billion.

The RWA concept has been notably different since the beginning of this year, with the favorable policies of the U.S. stablecoin and Hong Kong stablecoin, combined with Wall Street's focus on RWA projects led by BlackRock, and the current situation of established money entering the stablecoin space, causing the RWA and stablecoin concepts to quickly gain attention. The stablecoin concept even led A-share stablecoin concepts to hit the daily trading limit on the Hong Kong Stock Exchange.

As the third native Nasdaq IPO giant in the cryptocurrency industry (following Coinbase and Antalpha), what are some related targets in the crypto market that can be hyped?

ONDO

BlackRock announced at the end of May that it bought 10% of Circle IPO shares, becoming a new shareholder of Circle, and BlackRock's most important partner in the RWA race is Ondo. The U.S. Treasury bond-backed token OUSG issued by Ondo includes BlackRock's BUIDL Fund as one of its core underlying assets. Users purchasing OUSG indirectly hold shares of BlackRock's Treasury bond fund.

However, the issue is the somewhat high market cap, with ONDO currently valued at $26 billion.

KTA

The close relationship between Coinbase and Circle goes without saying, so in addition to the benefits to the COIN stock from Circle's listing, exploring the Base public chain is also possible. The funds have already provided an answer, with RWA public chain KTA issued on Base increasing tenfold in one month, now with a market cap of $4 billion. In hindsight, combining Base+RWA+low market cap, the fund's choice of KTA as the leader is indeed very suitable.

ENA

Although not closely related to Circle, it is, after all, a target that would be most immediately associated with the stablecoin concept and has experienced a hype cycle before. Coinbase urgently included ENA in its listing plan a few hours ago, which seems to anticipate the fund's actions. With a market cap of $1.9 billion, it seems slightly better off compared to ONDO.

B

This is a very secretive route. Previously, BlockBeats invited @vapor0x to conduct some analysis on USDC, mainly because the issuance of USDC was different from before, but the destination of these dollars was unknown, which was very strange.

After @vapor0x sorted it out, the conclusion was reached that since January 2024, Circle's treasury address has been continuously transferring USDC to Binance, most likely in preparation for an IPO to increase activity. He stated: "More dramatically, on the same day as the first large USDC transfer — January 31, 2024, Binance Earn platform launched a limited-time promotion, including USDC, and the coincidence of this timing is almost impossible to be random."

Therefore, with the blessing of USDC+USD1, under the B of BSC, this $400 million stablecoin meme may or may not be chosen by funds.