Circle Files for an IPO

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⛓️ Worldpay Brings Stablecoins to $2.3T Commerce Network With BVNK

In this episode Simon Taylor is joined by:

➡️ Chris Harmse, Chief Business Officer and Co-Founder @ BVNK

➡️ Nabil Manji, SVP, Head of Fintech Growth and Financial Partnerships @ Worldpay

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Introduction

Welcome to the Tokenized newsletter, brought to you by the creators of the Tokenized Podcast; Simon Taylor of Fintech Brainfood and Pet Berisha of Sporting Crypto, written by Jeremy Batchelder.

We are the newsletter for institutions that need help preparing for a Tokenized future.

We run through the headlines every week, what it means for you and a market readout. Always with an institutional, business-focused perspective. 

Join us every week as we meet your Tokenization needs.

Stories You Can't Miss 📰 

🚀 Circle Files for IPO After 4-Year Journey

USDC stablecoin issuer Circle Internet Group has officially filed for an initial public offering on the New York Stock Exchange, marking a pivotal moment for the stablecoin industry.

Key Points:

• Circle is offering 24 million class A shares priced between $24-$26, potentially raising up to $250 million for the company

• An additional 14.4 million shares are being offered by existing stakeholders, who could receive nearly $375 million

• Cathie Wood's ARK Investment has indicated interest in purchasing $150 million worth of shares from the IPO

• The company will trade under the ticker 'CRCL' with J.P. Morgan, Citigroup, and Goldman Sachs as lead underwriters

• Circle explored a $5 billion sale alternative, with Coinbase and Ripple reportedly among potential suitors

The Tokenized Take:

• Long road to public markets: Circle's 4-year journey to go public, including a failed SPAC attempt in 2021, demonstrates the regulatory challenges facing crypto companies seeking traditional finance validation

• Stablecoin legitimacy milestone: An IPO for the world's second-largest stablecoin issuer signals mainstream acceptance of stablecoins as critical financial infrastructure

• Strategic positioning: ARK's $150 million commitment provides institutional credibility and aligns with Cathie Wood's long-term crypto thesis

• Competitive landscape validation: Interest from Coinbase and Ripple as potential acquirers highlights Circle's strategic value in the evolving stablecoin ecosystem

• Market timing advantage: Filing during a crypto-friendly regulatory environment under the Trump administration maximizes chances of successful completion

💸 Stablecorner ⚖️ → Major U.S. Banks Eye Joint Stablecoin to Combat Crypto Competition

The nation's largest banks are exploring a collaborative approach to stablecoins as reported by the Wall Street Journal, with JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others in early discussions about issuing a joint stablecoin through their co-owned entities Early Warning Services (Zelle operator) and the Clearing House.

Banks are positioning themselves defensively against potential widespread stablecoin adoption under the Trump administration. The fear: if big tech companies or major retailers enter the stablecoin space, traditional banks could lose significant deposit and transaction volume. This represents a dramatic shift from the regulatory hostility toward crypto that characterized the previous two years.

The discussions center on leveraging stablecoins for operational efficiency, particularly in cross-border payments where traditional systems can take days to settle. The timing aligns with legislative progress on the GENIUS Act, which recently cleared a Senate procedural hurdle to establish a regulatory framework for stablecoin issuance.

The consortium model would potentially allow other banks to utilize the joint stablecoin, creating a hub-and-spoke system. Separately, regional banks are considering their own consortium, though this faces higher barriers due to resource constraints.

This development represents traditional finance's acknowledgment that stablecoins have evolved from speculative instruments to legitimate payments infrastructure—as the stablecoin market approaches $250 billion in total value.

📰 Some More News:

🏦 Tokenization & Finance

• Square Pilots Real-Time Bitcoin Payments in Vegas, Plans Full Availability to Customers in 2026 (Read more here)

• XRP Spot ETF in the U.S. Moves Closer to Reality (Read more here)

• Plasma announces a strategic investment from Founders Fund (Read more here)

🤑 Funding and M&A

• OpenFX raises $23 million for stablecoin cross border payments (Read more here)

• Stablecoin firm Circle launches IPO with $5.4bn valuation (Read more here)

💼 Government & Policy

• Thailand Eyes Crypto-Linked Credit Cards, Revised Digital Asset Rules (Read more here)

• AI and Crypto Czar David Sacks Says the US Could Buy More Bitcoin (Read more here)

• Dubai government launches tokenized real estate platform (Read more here)

• Trump’s crypto czar David Sacks says stablecoin bill could create trillions of dollars in demand for US Treasurys (Read more here)

• Hong Kong Passes Law to Regulate Fiat-Pegged Stablecoins (Read more here)

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