About this episode
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 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey : Use code UNCHAINED for 20% off FalconX Mantle 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? Learn more about your ad choices. Visit megaphone.fm/adchoices