USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition. 

The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation.

Omar Kanji, Partner at Dragonfly, joined the show to explain:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Previous coverage on Unchained: 

• Congress Bickers Over Whether to Bail Out Stablecoins

How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin

Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress

Stablecoin Bills Could Squeeze Out $140 Billion Tether

Circle files an initial public offering

Timestamps:

🤝 0:00 Introduction

🫰 4:04 Circle’s shockingly high distribution costs for USDC

💲 7:11 How much does Circle’s revenue depend on interest rates?

🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether

📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle

🫤 23:11 Is Circle’s $5 billion valuation realistic?

⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law

😰 28:14 How will Trump’s tariffs affect Circle’s IPO?

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