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