2025 is being hailed as the "Year of Crypto IPOs," with at least five crypto unicorns (e.g., Circle, Kraken, Anchorage Digital) expected to go public via IPOs or SPAC mergers on U.S. stock markets, accelerating the integration of crypto and traditional finance. The rise of crypto-related stocks reflects growing market recognition of blockchain technology and marks the industry's pivotal transition from "wild growth" to "regulated maturity." 1. Surging Market Recognition of Blockchain Firms -Stablecoins Gaining Momentum --Circle's IPO (CRCL): The issuer of USDC saw its shares surge 700% on debut, briefly hitting a $58B market cap, becoming one of Wall Street's most watched IPOs. This signals strong institutional interest in stablecoins as long-term investments. Traditional players like JPMorgan and Bank of America are actively developing stablecoins, while tech giants (PayPal, Stripe) are accelerating adoption, positioning stablecoins as financial infrastructure. -New Valuation Models for Crypto Exchanges --Coinbase (COIN) & Kraken: Coinbase's valuation has shifted from pure "trading volume-driven" to "compliance + product innovation." Kraken, preparing its IPO, now offers tokenized stocks (e.g., Apple/Tesla on-chain), bridging crypto and traditional markets. 2. Regulatory Advancements -U.S. GENIUS Act: Expected passage in August 2025 will establish a federal framework for stablecoins, boosting compliant players like USDC. -Hong Kong’s Stablecoin Ordinance: Effective August 2025, it’s the world’s first dedicated stablecoin law, driving adoption across Asia. 3. Industry Impact -Circle’s IPO sets a precedent for crypto projects embracing public market valuations, with more likely to follow via IPOs/STOs. -Compliance becomes a competitive edge, attracting institutional capital and policy support for long-term growth.