Circle's IPO orbit: profitable stablecoin leader tethered to interest rates and stables regulation 🪙🏦
FinTech is Eating the World, 3 April
Hey Everyone,
Good morning & happy Thursday! Today’s issue is especially exciting as we’re diving deep into the stablecoin giant Circle that is now officially going for a long-anticipated IPO (unpacking their S-1, breaking down the latest financials, strategy & what’s next for Circle + bonus deep dives into Klarna & eToro IPOs AND a bunch of other extra reads & resources inside). So let’s just jump straight into the good stuff 🌶️
Circle's IPO orbit: profitable stablecoin leader tethered to interest rates and stables regulation 🪙🏦
It’s FinTech IPO season!🔥 Following Klarna and eToro, another FinTech giant is preparing for a public debut 🥳 Stablecoin giant Circle Internet Group aka Circle, just submitted their S-1 filing with the SEC.
Positioned as a critical infrastructure provider for the burgeoning digital asset economy through its USDC stablecoin, the company has achieved significant scale and, notably, profitability.
However, a closer look at their S-1 reveals a business model heavily concentrated around USDC and acutely sensitive to macroeconomic factors, particularly interest rates, alongside a significant regulatory overhang.
As the company prepares for its NYSE debut under the ticker CRCL, let us take a deeper dive into its latest performance, key numbers and see whether the stables giant represents a compelling investment opportunity.