From bearish to over-raised 25 times, Circle's IPO reversed

A month ago, the most talked about stablecoin issuer Circle on social media was the rumour of a $4 billion sale to Coinbase or XRP. After Circle released its prospectus in early April, the industry has been questioning its declining market share, low gross profit margin, and single profit channel. Insiders generally believe that Circle's IPO plan to restart after many years may not be able to impress the market.

However, the enthusiasm for the stablecoin concept has completely exceeded the expectations of crypto practitioners: Circle completed its IPO at $31 per share, with a valuation of $6.9 billion and an oversubscription multiple of 25 times, making it the most watched IPO in the crypto industry in recent years. What caused such a sharp reversal in market attitudes? Are Circle's fundamentals really improving, or is the market experiencing an "emotional revaluation" of the stablecoin narrative?

Two months, the market expectation...

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