One of the 'crypto companies' that has long been expected to enter the public equity markets is set to begin trading on June 5th with the IPO of Circle Internet Group (NYSE:CRCL). Circle Internet is the issuer of the
Circle Internet Group IPO: A Bet On Fiat Survival Through Stablecoins
Summary
- Circle Internet Group, the issuer of USDC stablecoin, is set to go public on June 5th after a previous failed SPAC attempt.
- USDC holds 26% of the fiat-collateralized stablecoin market, trailing Tether, but leads in transaction volume with a 58% share in May.
- Circle Internet's business model profits from minting USDC backed by cash and T-bills, making treasury yields critical to its financial performance.
- CRCL IPO valuation is more modest than previous attempts, but still potentially high given the risks to the business and the valuation of peers.
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