USDC Stablecoin的發行人Circle Internet Financial已成為一家公開交易的公司。

6月5日，紐約證券交易所的交易開始。該公司籌集了近11.5億美元，但市場本來願意支付更多的費用。

Circle Internet Financial, the issuer of the USDC stablecoin, has become a publicly traded company. On June 5, trading began on the New York Stock Exchange.

USDC Stablecoin的發行人Circle Internet Financial已成為一家公開交易的公司。 6月5日，紐約證券交易所開始交易。

The company raised nearly $1.15 billion—but the market would have been willing to pay much more. This IPO could mark a pivotal moment in the history of money.

該公司籌集了近11.5億美元，但市場本來願意支付更多的費用。該IPO可以標誌著金錢歷史上的關鍵時刻。

In some ways, Circle CEO Jeremy Allaire has taken a cue from MicroStrategy boss Michael Saylor. With its IPO, Circle is now doing with government bonds what MicroStrategy does with Bitcoin: the stock promises to be increasingly backed by government bonds.

在某些方面，Circle首席執行官Jeremy Allaire從Microstrategy老闆Michael Saylor獲得了提示。 Circle憑藉其IPO，現在正在使用MicroStrategy對比特幣的作用：該股票承諾將越來越多地得到政府債券的支持。

On June 5, Circle issued 39 million out of a total 199.97 million shares at a price of $31 per share. The bookrunners—that is, those who purchased at this price and then sold the shares on the stock exchange—were J.P. Morgan, Citigroup, Goldman Sachs, Barclays, Deutsche Bank Securities, and SOCIETE GENERALE.

6月5日，Circle以每股31美元的價格發行了1,997萬股股票中的3900萬股。簿記員（即以此價格購買然後在證券交易所購買的股票的人）是JP Morgan，花旗集團，高盛Sachs，Barclays，Deutsche Bank Securities和Societe Generale。

With these roughly 20 percent of the shares traded on the New York Stock Exchange, Circle took in about $1.145 billion—a sum that appears to be grotesquely undervalued.

由於這些股票的約20％在紐約證券交易所交易，Circle的收入約為11.45億美元，這一款項似乎被低估了。

The math is actually simple: Circle holds $51.3 billion in the „Circle Reserve Funds”, a fund managed by Blackrock that currently yields 4.23 percent. This equates to $256 in well-yielding capital per share. And if the amount of USDC in circulation continues to rise without Circle issuing new shares, this ratio will continue to increase.

數學實際上很簡單：Circle在“ Circle Reserve Funds”中持有513億美元，該基金由Blackrock管理，目前產生4.23％。這相當於每股收益的256美元。而且，如果循環中的USDC數量繼續增加而沒有發行新股份的圈子，則該比率將繼續增加。

For the market, $31 was of course a bargain. The price jumped to $88 on the very first trading day—an increase of about 180 percent, representing the largest jump a public company has made on its IPO day since 1980. Today, the share price stands at 94 euros, with a high of almost 120 euros just yesterday.

對於市場而言，31美元當然是一種討價還價。在第一個交易日，價格躍升至88美元，增加了約180％，這是一家自1980年以來上市公司在其IPO日取得的最大躍遷。今天，股價為94歐元，昨天近120歐元。

This was great for the bookrunners and institutional investors who were able to purchase at $31—but not so good for Circle itself. Through the IPO, the company could have raised three or four billion dollars. Thus, Circle is among those companies that have “left the most on the table” during their initial public offering.

這對於能夠以31美元購買的簿記員和機構投資者來說非常好，但對圈子本身並不好。通過IPO，該公司本可以籌集三到四億美元。因此，Circle是在首次公開募股中“在餐桌上最多的公司”的公司之一。

Circle is the only major stablecoin issuer to have obtained a license for the European market under MiCA (Markets in Crypto-Assets). Circle also appears prepared to comply with the GENIUS regulation in the US, while Tether—the issuer of the largest stablecoin—has already indicated it does not intend to comply with MiCA or GENIUS directly.

Circle是唯一獲得云母（Crypto-Assets Markets）下獲得歐洲市場許可證的主要穩定發行人。 Circle似乎還準備遵守美國的天才調節，而Tether（最大的Stablecoin的發行人）已經表示，它並不打算直接遵守雲母或天才。

In short—Circle has excellent prospects to dominate both the American and European “white” (compliant) stablecoin markets, which will undoubtedly be factored into the company’s valuation.

簡而言之，Circle在美國和歐洲的“白人”（合規）穩定市場上都有良好的前景，無疑將納入公司的估值。

It is also noteworthy that Circle, through its IPO, not only received the green light from the securities regulator, but also the backing of some of the world’s largest banks. The understanding of what stablecoins really are is spreading: “Fiat money with superpowers,” writes Finextra on the occasion of the IPO.

還值得注意的是，Circle通過其IPO不僅從證券監管機構獲得了綠燈，而且還獲得了一些世界上最大的銀行的支持。在IPO之際，Finextra寫道，對Stablecoins真正的真正了解：“與超級大國的法定金錢”。

The real competition, quotes the magazine from a former advisor to the Bank for International Settlements (BIS), “is not between crypto and fiat, but between programmable and static money.” The financial publication recognizes what is at stake, advising “entrepreneurs working with digital finance”:

真正的競爭是從前顧問到國際定居銀行（BIS）的雜誌，“不在加密和菲亞特之間，而是在可編程和靜態貨幣之間。”財務出版物認識到危及的是什麼，建議“與數字金融合作的企業家”：

“This IPO should be read as a directive: Don’t just disrupt—integrate. Don’t just tokenize—institutionalize. The winners of the next cycle will not be the loud anarchists or the passive developers. They’ll be the architects of a new monetary stack—those who can offer regulatory-compliant, yield-generating real world assets to treasuries, DAOs, and sovereign wealth funds looking for stable returns in a programmable world. That is where the real liquidity will flow.”

“This IPO should be read as a directive: Don't just disrupt—integrate. Don't just tokenize—institutionalize. The winners of the next cycle will not be the loud anarchists or the passive developers. They'll be the architects of a new monetary stack—those who can offer regulatory-compliant, yield-generating real world assets to treasuries, DAOs, and sovereign wealth funds looking for stable returns in a可編程的世界。

In other words: the upgrade of our money technology is already underway—and with Circle’s IPO, the US financial system has crowned its champion. The European drama over credit cards, search engines, and social networks is replaying before our eyes.

換句話說：我們的貨幣技術的升級已經在進行中，並且隨著Circle IPO的升級，美國金融體系已獲得冠軍。歐洲的信用卡，搜索引擎和社交網絡在我們眼前重播。

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