Circle recently submitted an S-1 filing to the SEC, planning to list on the New York Stock Exchange under the stock code "CRCL". However, its valuation has dropped from $9 billion in the 2022 SPAC merger agreement to the current $4 billion to $5 billion, almost halving. ​ In 2024, Circle's total income will be 1.68 billion dollars, of which more than 99% will come from the interest income of USDC reserves, mainly invested in US treasury bond bonds. With the increasing expectation of the Federal Reserve to cut interest rates, this highly dependent interest income model will face challenges. The partnership between Circle and Coinbase affects its profitability. According to the agreement, Coinbase, as the main distribution platform for USDC, receives a 50% share of Circle's reserve income. ​ In 2024, Circle paid Coinbase a share of approximately $908 million, accounting for 54% of its total revenue. This resulted in Circle's net profit dropping from $268 million in 2023 to $156 million in 2024, a decrease of 41.8%. Circle had previously attempted to go public through SPAC, but was unsuccessful. This time, we have chosen the traditional IPO path and hired JPMorgan Chase and Citibank as underwriters, with a target valuation of between $4 billion and $5 billion. ​ However, the market is skeptical of its profit model and valuation, believing that its main source of income is single and heavily influenced by macroeconomic factors. The position of Circle in the stablecoin market is beyond doubt, but the sustainability and profitability of its business model still need further verification. There is still uncertainty about whether this IPO will be successful and whether it will gain investor recognition after going public.