USDC's Circle Just Filed to IPO. Would It Make a Good Investment? - Ep. 812

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:

How Circle can get USDC into the hands of users

Circle’s staggering regulatory compliance costs vs. the likes of Tether

Circle’s S-1 valuation of $5 billion

Forthcoming regulatory clarity and how it changes the stablecoin game

The potential impact of tariffs on Circle’s success

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Guest

Omar Kanji, Partner at Dragonfly
Links
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

SEC: Circle’s S-1 Filing

Coindesk: Circle is going public

Fortune: 5 key takeaways

X @dom_kwok: Circle’s IPO is historic

Bloomberg: Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs

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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