Circle plans to list on the New York Stock Exchange (NYSE) on June 5, 2025, with the stock ticker CRCL. This is not only the first IPO in the stablecoin field but also a significant milestone in the integration of digital and traditional finance. As the issuer of the world's second-largest USD-pegged stablecoin USDC, Circle's listing will inject new vitality into the stablecoin market and further promote the tokenization of real-world assets (RWA). This article will delve into the significance of Circle's IPO, the prospects of the stablecoin market, and the global trends of RWA.
I. Circle: The Rise from Startup to Stablecoin Giant
In 2013, Jeremy Allaire and Sean Neville co-founded Circle, initially focusing on blockchain technology exploration. What truly propelled Circle to the industry's top tier was the launch of the USD stablecoin USDC in collaboration with Coinbase in 2018. With 1:1 USD reserve backing and an extreme pursuit of compliance and transparency, USDC quickly became a significant force in the stablecoin market.
In 2023, the Centre Consortium dissolved, and Circle fully took over the issuance and management of USDC. As of April 2025, USDC's market cap has reached $60.9 billion, firmly holding the position of the world's second-largest USD stablecoin, second only to USDT.
II. Listing Motivation: Strategic Awakening After Silicon Valley Bank Crisis
The Silicon Valley Bank incident in 2023 was a crucial turning point for Circle. At the time, its $3.3 billion reserves were temporarily frozen, causing USDC to unusually de-peg. This crisis made Circle deeply realize that to maintain an unbeatable position in the global stablecoin competition, support from the crypto community alone is far from enough. They must wield three core weapons: "compliance licenses + listed status + ultimate transparency".
III. IPO Details: Institutional Enthusiasm, Valuation Exceeding $6 Billion
According to Circle's latest disclosure:
Offering Size: Plans to sell 24 million shares (960,000 new shares + 1.44 million existing shares)
Price Range: $24-26 per share
Fundraising Amount: Target of approximately $600 million
Company Valuation: Based on the midpoint price, fully diluted market value will reach $6.2 billion
Star Institutional Subscription: ARK Invest (Cathie Wood) has clearly stated it will subscribe up to $150 million
Top investment banks like JPMorgan Chase and Citigroup will serve as underwriters for this IPO.
IV. Why is Listing So Important? In-Depth Industry Impact Analysis
1. Promoting Mainstream Financial Acceptance of Stablecoins
Guosheng Securities points out that Circle's successful listing will significantly accelerate traditional financial institutions' (especially large asset management companies) recognition and adoption of stablecoins. As the "infrastructure" of the cryptocurrency market, stablecoins provide core functions of value storage, trading pricing, and margin, and their mainstreaming will open up a trillion-dollar incremental space.
2. Stablecoins: The Core Bridge Between Traditional Finance and Crypto Ecosystem
Stablecoins are essentially on-chain tokenization of fiat assets, combining price stability with blockchain technology advantages. In recent years, their application scenarios have rapidly expanded from crypto trading to cross-border payments, foreign exchange savings, and other traditional financial fields, becoming a new choice for international payments with point-to-point efficiency, low cost, and stable value.
3. Accelerator of RWA (Real-World Assets) Tokenization
Stablecoins provide a critical trading medium for RWA. Currently, the global stablecoin total market cap has exceeded $250 billion (as of May 31, 2025), with USDT (153 billion) and USDC (61 billion) accounting for over 85%. Circle's listing will further strengthen the dominant position of USD stablecoins in the RWA ecosystem.
V. Global Regulation and RWA Implementation Acceleration
Overseas Dynamics
The US and EU are actively promoting stablecoin legislation to compete for global digital payment dominance. Institutions like BlackRock and Robinhood are pushing high-performance chains like Solana as RWA infrastructure, with continuous technological integration.
Chinese Practice
Policy Support: The "Digital Finance High-Quality Development Action Plan" clearly supports RWA innovation; Hong Kong's "Stablecoin Regulation" officially came into effect on May 30, with the regulatory framework in place.
Project Acceleration: Multiple RWA projects are substantially advancing, including Lanxin Group & Ant Digital (new energy), GCL & Ant Digital (photovoltaic), Dalian Digital Island, Shanghai Left Bank Xinghui (Malu grapes), and Xunying Group (battery swap assets). Yuanlong Yaotu is exploring cultural asset digitalization for overseas markets.
Brokerage Perspectives
CITIC Securities: Hong Kong's stablecoin law will promote mainland enterprises' RWA projects in Hong Kong, benefiting financial technology companies with digital RMB cross-border settlement experience.
Huaxi Securities: RWA is the core hub linking the real economy and digital finance, and will extend to scenarios like carbon assets, supply chain, and intellectual property. The fusion of AI and on-chain models is expected to activate trillion-dollar asset liquidity.
Circle's listing is not just a coming-of-age ceremony for the stablecoin industry, but also marks a deep incursion of blockchain finance into mainstream capital markets. As the "settlement layer of the crypto world" integrates into the bloodstream of traditional finance, a new era that bridges virtual and real, connecting global assets, is rapidly approaching.
The stablecoin battlefield is heating up again. Who will become the winner of the next-generation financial infrastructure?
