Circle is about to be listed, which assets are worth following?

The world's second largest stablecoin giant Circle submitted its prospectus at the end of May, preparing to go public on Nasdaq, with an expected valuation of 5.4 billion dollars. Unexpectedly, a few days later, perhaps due to the popularity of the stablecoin + RWA concept, Circle announced that its valuation increased from 5.4 billion to 7.2 billion dollars.

Since the beginning of this year, the RWA concept has been significantly different from previous years, the favorable stablecoin policy of the United States and Hong Kong, China, superimposed on the attention of Wall Street represented by BlackRock to the RWA project, and the current situation of a lot of old money entering the stablecoin, so that the concept of RWA and stablecoin quickly out of the circle, and even the stablecoin concept of Hong Kong stocks and A-shares have risen to the limit.

As the third native Nasdaq IPO giant in the cryptocurrency industry (after Coinbase and Antalpha), what related assets in the crypto space can be speculated on?

ONDO

BlackRock announced at the end of May that it had purchased 10% of the shares in Circle's IPO, becoming a new shareholder of Circle, while BlackRock's most important partner in the RWA track is Ondo. The U.S. Treasury token OUSG issued by Ondo uses BlackRock's BUIDL fund as one of its core underlying assets, meaning that users purchasing OUSG indirectly hold a share of BlackRock's U.S. Treasury fund.

However, the problem is that the market capitalization is a bit high, ONDO now has a market cap of 2.6 billion dollars.

KTA

The close relationship between Coinbase and Circle goes without saying, so Circle's listing not only benefits COIN stocks but also explores the Base public chain. The funds have already provided the answer, with the RWA public chain KTA issued on Base achieving a 10-fold increase in one month, now valued at 400 million USD. In hindsight, considering Base + RWA + small market cap, it is indeed very suitable for funds to choose KTA as the leader.

ENA

Although it is not closely related to Circle, it is after all the type of asset that comes to mind most when thinking of the stablecoin concept, and it has also experienced a speculative boom. Coinbase urgently included ENA in its listing plan a few hours ago, seemingly anticipating the movement of funds. With a market capitalization of 1.9 billion dollars, it seems to be slightly better than ONDO.

B

This is a very secretive route. Previously, Rhythm BlockBeats asked @vapor 0x to conduct some analysis on USDC, mainly because the issuance of USDC is different from the past, but the whereabouts of these dollars are unknown, which is very strange.

@vapor After sorting out 0x, the conclusion is drawn that starting from January 2024, Circle's treasury address will continuously transfer USDC to Binance, most likely in preparation for an IPO to increase activity. He stated: "More dramatically, on the very same day of the first large USDC transfer—January 31, 2024—Binance Earn launched a limited-time promotional event including USDC, and the coincidence of these timing is almost impossible to be a coincidence." So with the support of USDC+USD 1, I wonder if the $400 million stablecoin meme of B on BSC will be chosen by the funds.