Circle IPO Buzz Ignites Hunt for Stablecoin and RWA-Linked Tokens

Circle , the issuer of the USDC stablecoin and a central figure in the digital asset realm, is set to make its long-anticipated appearance in public markets. The buzz around this event has crypto market stakeholders talking. Early whispers of a Circle debut were heard back in late May, when word spread that the company had filed with the SEC to go public via a traditional IPO with an initial valuation of $5.4 billion. This IPO could mark crypto’s third public listing on a major U.S. exchange, with Coinbase being the first and Antalpha the second. Given that investors are always looking for ways to profit from upcoming events, they are using Circle’s public listing as a reason to examine the market for relevant tokens. Rising Tide Lifts Key Players Circle’s valuation is rising because the market at large is excited by the potential of blockchain-based stablecoins and tokenized real-world assets. One of the most obvious benefactors in this nascent ecosystem is $ONDO, the native token of Ondo Finance. Recently, BlackRock, the world’s largest asset manager, acquired a 10% stake in Circle’s IPO shares. That’s a compelling connection to draw with $ONDO when you consider that Ondo’s flagship product, $OUSG, is backed by BlackRock’s tokenized BUIDL fund, which has positioned ONDO as a go-to proxy for the trade in tokenized Treasuries and other RWAs. ONDO has a market capitalization of about $2.6 billion, which really makes it a player in the high-cap category relative to real-world assets. Being directly tied to both Circle and BlackRock, of course, only encourages speculative interest in ONDO. But as digital assets receive more and more institutional capital, ONDO starts to seem like not only a vehicle for high-cap exposure to RWA but also an entity at the center of several interesting narratives. KTA and ENA Ride the Stablecoin Wave Another name circulating in the buildup to Circle’s IPO is $KTA, a relatively low-cap real-world asset protocol operating on Coinbase’s Base chain. The token has surged 10x in the past month, driven by a potent mix of momentum, ecosystem alignment, and the ongoing hunger for scalable real-world asset platforms. With a current market capitalization near $400 million, KTA still sits well below more established real-world asset tokens, making it a target for traders seeking asymmetric upside as the sector expands. Another project that is worth keeping an eye on is $ENA, a stablecoin-related venture that has only very recently earned itself a coveted slot on Coinbase’s asset roadmap. Even though ENA has no direct or indirect affiliation with Circle, its push to be identified as a mid-cap ($1.9 billion) stablecoin is bringing it some fresh discussion—and to us, some fresh inflows—as we ride the coattails of the IPO news. KTA and ENA provide a picture of how traders are looking at the Circle IPO. They are not portraying some sort of unified front; rather, KTA and ENA illustrate the parsing of the Circle IPO by traders and what they are basing their trades on. Traders are looking at the Circle IPO in two basic ways: 1. Macro-Level Lens: Some traders are looking at the IPO in the context of a kind of “rising tide” that is lifting stablecoin-related assets. This is a bet on a more stable, asset-backed future for crypto. 2. Micro-Level Lens: The other group of traders is focusing much more on the IPO itself and its relation to Circle. This group seems to be parsing the IPO at a much more granular, structural level. Circle IPO hype sparks market hunt for related tokens Circle, issuer of $USDC and the world’s second-largest stablecoin firm, filed for a Nasdaq IPO in late May at a $5.4B valuation—only to raise it days later to $7.2B, likely fueled by the surging Stablecoin + RWA narrative.… pic.twitter.com/YvfzwDOviT — Followin (@followin_io) June 3, 2025 Memes and Speculation: The Curious Case of $B Speculative manias are part and parcel of every cryptocurrency cycle, and the recent IPO of Circle seems to have precipitated a fresh burst of interest in one unlikely part of the market. That would be B, a meme coin on Binance Smart Chain that we don’t think has any business being referenced as part of the investment landscape, not least because its price is largely being determined by some seriously shady on-chain activity. Blockchain detectives have seen hefty USDC send from Circle to Binance beginning in January 2025. This may be related to internal liquidity management before the imminent IPO—in which Circle will likely become a public company. Overall, it’s not a very good look for Circle. It’s also not confirmed that these transfers have anything to do with the forthcoming IPO at all. Final Thoughts Circle’s imminent IPO represents much more than a single firm’s step into public markets. It is, in fact, a powerful emblem of how not just the world of finance but investors of all types are increasingly embracing the infrastructure built by the blockchain. This is happening, of course, in the face of rising interest rates and a number of serious-looking challenges to the integrity of the crypto sector’s business model — challenges that might be retreating in the face of falling inflation and better price stability in a couple of larger cryptoassets. Remain attentive: if retirement is any indicator, the public offering of Circle could be the dawn, not the dusk, of yet another moonshot rally in stablecoins and real-world assets. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

Source: NullTx