The second-largest stablecoin giant Circle submitted its prospectus at the end of May, preparing to go public on Nasdaq, with an initial estimated valuation of $5.4 billion. Unexpectedly, a few days later, perhaps due to the hot stablecoin+RWA concept, Circle announced raising its valuation from $5.4 billion to $7.2 billion.
The RWA concept has been notably different since the beginning of this year. Favorable U.S. and Hong Kong stablecoin policies, BlackRock's focus on RWA projects, and the entry of established investors into the stablecoin space have rapidly propelled the RWA and stablecoin concepts, even causing concept stocks to hit limit up in Hong Kong and A-share markets.
As the third crypto industry giant to have a native Nasdaq IPO (after Coinbase and Antalpha), what related targets can the crypto market speculate on?
ONDO
BlackRock announced buying 10% of Circle's IPO shares at the end of May, becoming a new Circle shareholder. BlackRock's most important RWA track partner is Ondo. Ondo's U.S. Treasury token OUSG uses BlackRock's BUIDL fund as one of its core underlying assets, with users purchasing OUSG equivalent to indirectly holding shares of BlackRock's U.S. Treasury fund.
However, the market cap is quite high, with ONDO currently at $2.6 billion.
KTA
The close relationship between Coinbase and Circle goes without saying. So besides being positive for COIN stock, Circle's listing also allows exploration of the Base blockchain. The market has already provided an answer: KTA, a RWA blockchain on Base, has 10x in a month and now has a $400 million market cap. In hindsight, Base+RWA+small market cap made KTA an extremely suitable leading choice.
ENA
Although not directly related to Circle, it's still a stablecoin concept target that would be prioritized and has experienced speculative hype. Coinbase just urgently added ENA to its listing plan, seemingly anticipating market moves. With a $1.9 billion market cap, it appears slightly more favorable compared to ONDO.
B
This is a very secretive route. Previously, BlockBeats interviewed @vapor0x for some USDC analysis, mainly because USDC's issuance is different from before, but the destination of these dollars is mysteriously unclear.
After reviewing, @vapor0x concluded that since January 2024, Circle's treasury address has continuously transferred USDC to Binance, most likely in preparation for the IPO to increase activity. He stated: "More dramatically, on the same day as the first large USDC transfer—January 31, 2024—Binance Earn platform launched a time-limited promotion including USDC, and this timing coincidence is almost impossible to be accidental."
So under the support of USDC+USD1, will the BSC's B, a $400 million stablecoin meme, be chosen by market funds?
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