USDC Stablecoin的发行人Circle Internet Financial已成为一家公开交易的公司。

6月5日，纽约证券交易所的交易开始。该公司筹集了近11.5亿美元，但市场本来愿意支付更多的费用。

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的发行人Circle Internet Financial已成为一家公开交易的公司。 6月5日，纽约证券交易所开始交易。

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.

该公司筹集了近11.5亿美元，但市场本来愿意支付更多的费用。该IPO可以标志着金钱历史上的关键时刻。

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首席执行官Jeremy Allaire从Microstrategy老板Michael Saylor获得了提示。 Circle凭借其IPO，现在正在使用MicroStrategy对比特币的作用：该股票承诺将越来越多地得到政府债券的支持。

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美元的价格发行了1,997万股股票中的3900万股。簿记员（即以此价格购买然后在证券交易所购买的股票的人）是JP Morgan，花旗集团，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.

由于这些股票的约20％在纽约证券交易所交易，Circle的收入约为11.45亿美元，这一款项似乎被低估了。

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.

数学实际上很简单：Circle在“ Circle Reserve Funds”中持有513亿美元，该基金由Blackrock管理，目前产生4.23％。这相当于每股收益的256美元。而且，如果循环中的USDC数量继续增加而没有发行新股份的圈子，则该比率将继续增加。

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.

对于市场而言，31美元当然是一种讨价还价。在第一个交易日，价格跃升至88美元，增加了约180％，这是一家自1980年以来上市公司在其IPO日取得的最大跃迁。今天，股价为94欧元，昨天近120欧元。

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.

这对于能够以31美元购买的簿记员和机构投资者来说非常好，但对圈子本身并不好。通过IPO，该公司本可以筹集三到四亿美元。因此，Circle是在首次公开募股中“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是唯一获得云母（Crypto-Assets Markets）下获得欧洲市场许可证的主要稳定发行人。 Circle似乎还准备遵守美国的天才调节，而Tether（最大的Stablecoin的发行人）已经表示，它并不打算直接遵守云母或天才。

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.

简而言之，Circle在美国和欧洲的“白人”（合规）稳定市场上都有良好的前景，无疑将纳入公司的估值。

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.

还值得注意的是，Circle通过其IPO不仅从证券监管机构获得了绿灯，而且还获得了一些世界上最大的银行的支持。在IPO之际，Finextra写道，对Stablecoins真正的真正了解：“与超级大国的法定金钱”。

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”:

真正的竞争是从前顾问到国际定居银行（BIS）的杂志，“不在加密和菲亚特之间，而是在可编程和静态货币之间。”财务出版物认识到危及的是什么，建议“与数字金融合作的企业家”：

“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可编程的世界。

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.

换句话说：我们的货币技术的升级已经在进行中，并且随着Circle IPO的升级，美国金融体系已获得冠军。欧洲的信用卡，搜索引擎和社交网络在我们眼前重播。

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