Circle, the world's second largest stablecoin giant, submitted its prospectus at the end of May, preparing to be listed on the Nasdaq with an estimated valuation of US$5.4 billion.
Unexpectedly, a few days later, perhaps due to the popularity of the stablecoin + RWA concept, Circle announced that its valuation had increased from 5.4 billion to 7.2 billion US dollars.
The concept of RWA has been significantly different from previous years since the beginning of this year. The favorable policies of the US stablecoin policy and the Hong Kong stablecoin policy, coupled with the attention of Wall Street represented by BlackRock to the RWA project, and the current situation of a large number of old money entering the stablecoin market, have made the concepts of RWA and stablecoins quickly popular, and even the stablecoin concepts of Hong Kong stocks and A shares have reached their daily limit.
As the third giant in the cryptocurrency industry to have a native Nasdaq IPO (after Coinbase and Antalpha), what related targets in the cryptocurrency circle can be hyped?
ONDO
BlackRock announced at the end of May that it had bought 10% of Circle's IPO shares and became a new shareholder of Circle. BlackRock's most important partner in the RWA track is Ondo. The US debt token OUSG issued by Ondo uses BlackRock's BUIDL fund as one of its core underlying assets. Users who purchase OUSG are equivalent to indirectly holding shares of BlackRock's US debt fund.
But the problem is that the market value is a bit high. ONDO’s current market value is 2.6 billion US dollars.
KTA
The close relationship between Coinbase and Circle is self-evident, so Circle's listing is not only good for COIN, but also for Base, a public chain. Funds have given the answer. The RWA public chain KTA issued on Base has increased 10 times in a month and now has a market value of 400 million US dollars. In hindsight, Base+RWA+small market value, it is indeed very appropriate for funds to choose KTA as the leader.
ENA
Although it has little to do with Circle, it is the first target that comes to mind when it comes to the concept of stablecoins, and it has also experienced a surge in price. Coinbase urgently put ENA on the list a few hours ago, and it seems to be predicting the movement of funds. With a market value of $1.9 billion, it seems to be slightly better than ONDO.
B
This is a very secretive route. Previously, BlockBeats asked @vapor 0x to do some analysis on USDC, mainly because the issuance of USDC is different from the past, but it is very strange that we don’t know where these dollars are going.
@vapor 0x concluded that since January 2024, Circle's treasury address has been continuously transferring USDC to Binance, most likely in preparation for the IPO and to increase activity. He said: "What's more dramatic is that on the same day as the first large USDC transfer - January 31, 2024, the Binance Earn platform launched a limited-time promotion including USDC. The coincidence of this time point is almost impossible to be a coincidence."
Therefore, with the support of USDC+USD 1, it is unknown whether BSC's B, the $400 million stablecoin meme, will be chosen by funds.
