SS #2 - Circle’s Successful IPO: Hits $20B Valuation

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Good Morning.

Welcome to our 2nd edition of the StableScope. A new 2x a week, stablecoin-focused newsletter from Launchy. Given the growth of the vertical, there's an increasing demand for more recurring reporting and curation on stablecoins.

If you’re receiving this email, it means that you’re a subscriber of the primary Launchy publication, and you’re part of the first group of subscribers that we’re introducing this publication to. If it’s not your cup of tea, click below to unsubscribe.

—but please give it a shot 😀 

Let us know what sort of coverage you would like to see from the new publication.

If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

• Headline: Circle Hits $20B Valuation

• Quick Bites: Stablecoin market capitalization surpasses $250 billion amid accelerating regulatory momentum

• Yield of The Week: Earn up to 15.98% APY in iUSD on infiniFi

You read and share. We listen and improve. Send us feedback at [email protected].

HEADLINE

Circle’s Successful IPO: Hits $20B Valuation

State of play: Circle’s shares soared on their NYSE debut, with the stock more than doubling in value, highlighting renewed interest in the IPO market.

• Circle's shares opened at $69 and closed at $83.23, marking a 168% increase from the IPO offer price, valuing the company at nearly $18 billion.

• The successful IPO is a positive sign for other potential crypto companies considering going public, amid supportive regulatory changes and rising interest in digital assets.

• Circle raised $1.05 billion through the IPO, which was the largest crypto listing since Coinbase's debut, and marks a landmark moment for the stablecoin market.

What’s Next: Circle’s strong IPO performance could lead to more stablecoin issuers entering public markets, as clearer regulations encourage stablecoin integration into traditional finance.

Why it Matters: This is the first public company listing of a stablecoin issuer.

Our Take: Circle's IPO marks investors’ appetite in a pure-play stablecoin bet. While many have criticized USDC’s business model, it’s almost the most compliant and regulated bet available in the public market.

QUICK BITES

• Uber evaluates using stablecoins for payments.

• BCP Technologies launches British pound stablecoin.

• KRW stablecoins might be on the horizon with the new President.

• Crypto lobby pushes Senate to pass stablecoin bill without debate.

• Maple Finance expands to Solana, deploys yield-bearing stablecoin.

• Ripple’s RLUSD approved by Dubai regulator for use in city’s financial hub.

• Apple, X, Airbnb, and Google join other major tech firms in exploring the adoption of stablecoins.

Tether:

• Tether invests in Shiga Digital to strengthen Africa’s onchain financial ecosystem.

• USDT0 launches omnichain version of Tether gold on TON.

Circle:

• RedotPay enlists the Circle payment network in Brazil.

• Arca unloads Circle shares after scathing IPO letter.

Ethena:

• USDe publishes custodian attestations for May.

YIELD OF THE WEEK

InfiniFi Lock: 15.98% APY in USDC

• InfiniFi's new lock feature offers APY on USDC deposits ranging from 14.01% to 15.98% APY in iUSD, depending on lock duration from 1 to 13 weeks.

• Positions in the Junior Tranche have higher risks and returns, taking the first loss if there is capital slashing in associated protocols.

• Yield is transparent on the Voting Page, where voters determine asset allocation affecting the APY on locked USDC, with the 13-week yield sourced from Pendle PT-syrupUSDC-28AUG2025.

Nest Alpha Vault: 10.5% APY in USDC

Nest Alpha Vault, a new offering from Nest, provides a liquid yield strategy perfect for most retail users. It features a diversified selection of tokenized assets chosen by Cicada, surpassing market rates in both APY and liquidity.

Although the estimated APY of the vault is 10.5%, the current APY is 7.74%. The estimated APY is derived from the investments illustrated in the image above.

With the current Total Value Locked (TVL) at $6 million, the allocation of deposited USDC investments across those assets is shown in the image above.

Euler Yield USDe / USDC 31.86% - 209.96% in USDe (1x - 8.31x multiplier)

• As part of Euler Yield, this strategy enables users to deposit USDe as collateral and borrow USDC, allowing them to leverage up to 8.31x to maximize yield and earn 20 SATS per USDe deposited daily.

• Last week's Euler’s Yield of The Week strategy focused on USDC's strength, while the current strategy bets on USDe, which is gaining traction in the stablecoin market.

• The strategy appears promising due to favorable funding conditions and the USDe's recent expansion to the TON network. However, it should still be used at your own risk.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time, but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.