Circle计划于2025年6月5日在美国纽约证券交易所（NYSE）上市，股票代码CRCL。这不仅是稳定币领域的首次IPO（首次公开募股），更是数字金融与传统金融融合的重要里程碑。作为全球第二大美元挂钩稳定币USDC的发行方，Circle的上市将为稳定币市场注入新的活力，同时推动现实世界资产（RWA）代币化的进一步发展。本文将深入剖析Circle的IPO意义、稳定币市场的前景，以及RWA的全球趋势。
2013年，Jeremy Allaire与Sean Neville共同创立Circle，初期专注于区块链技术探索。真正让Circle跻身行业顶流的，是2018年与Coinbase联手推出的美元稳定币USDC。凭借1:1美元储备担保及对合规透明的极致追求，USDC迅速成为稳定币市场的重要力量。
2023年，Centre联盟解散，Circle全面接管USDC发行与管理权。截至2025年4月，USDC市值已达609亿美元，稳居全球第二大美元稳定币，仅次于USDT。
2023年的硅谷银行事件是Circle发展的重要转折点。当时Circle在该行的33亿美元储备一度被“冻结”，导致USDC罕见脱锚。这一危机让Circle深刻意识到：要在全球稳定币竞争中立于不败之地，仅靠加密社区支持远远不够，必须手握“合规牌照+上市地位+极致透明度”三大核心武器。
根据Circle最新披露：
发行规模：计划发售2400万股（960万新股+1440万老股）
定价区间：每股24-26美元
募资金额：目标融资约6亿美元
公司估值：按中间价计算，完全稀释后市值将达62亿美元
明星机构认购：ARK Invest（木头姐）已明确表示将认购最多1.5亿美元
顶级投行摩根大通、花旗集团等担任本次IPO承销商。
1. 推动主流金融接纳稳定币
国盛证券指出，Circle成功上市将显著加速传统金融机构（尤其是大型资管公司）对稳定币的认可与采用进程。稳定币作为加密货币市场的“基础设施”，提供价值存储、交易计价及保证金核心功能，其主流化将打开万亿级增量空间。
2. 稳定币：传统金融与加密生态的核心桥梁
稳定币本质是法币资产的链上代币化，兼具价格稳定性与区块链技术优势。近年来其应用场景已从加密交易快速扩展至跨境支付、外汇储蓄等传统金融领域，凭借点对点高效、低成本、币值稳的特性成为国际支付新选择。
3. RWA（真实世界资产）代币化的加速器
稳定币为RWA提供关键交易媒介。当前全球稳定币总市值已突破2500亿美元（截至2025年5月31日），其中USDT（1530亿）与USDC（610亿）占比超85%。Circle上市将进一步强化美元稳定币在RWA生态中的主导地位。
海外动态
美欧积极推动稳定币立法，旨在争夺全球数字支付主导权。BlackRock、Robinhood等机构力推Solana等高性能链作为RWA基础设施，技术融合持续深化。
中国实践
政策支持：《数字金融高质量发展行动方案》明确支持RWA创新；香港《稳定币条例》于5月30日正式刊宪生效，监管框架落地。
项目加速：朗新集团&蚂蚁数科（新能源）、协鑫能科&蚂蚁数科（光伏）、大连数字岛屿、上海左岸芯慧（马陆葡萄）、巡鹰集团（换电资产）等多个RWA项目实质性推进。元隆雅图探索文化资产数字化出海。
券商观点
中信证券：香港稳定币法案将促进内地企业在港RWA项目落地，利好具备数字人民币跨境结算经验的金融科技企业。
华西证券：RWA是链接实体经济与数字金融的核心枢纽，未来将延伸至碳资产、供应链、知识产权等场景，AI+链上模型的融合有望激活万亿级资产流动性。
Circle的上市，不仅是稳定币行业的成人礼，更标志着区块链金融向主流资本市场的深度进击。当“加密世界结算层”融入传统金融血脉，一个打通虚拟与现实、链接全球资产的新纪元，正加速到来。
稳定币战场硝烟再起，谁将成为下一代金融基础设施的赢家？
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