The stablecoin market is entering a transformative period, with Circle's listing marking a new era.

The stablecoin market is ushering in an important turning point. With Circle's listing on the US stock market, USDC, representing "compliant digital dollars", has made its debut on the main stage of the global capital market. This is not only a commercial milestone but also marks the forefront of the reconstruction of financial order. Compliant stablecoins are evolving from on-chain circulating tools to strategic agents for the globalization of the dollar.

In 2025, the regulatory policies for stablecoins in multiple countries will be implemented, and the "gray dollar" and "whitelist dollar" will officially part ways. Circle's listing is not only a capitalization event in the cryptocurrency industry but also another structural upgrade in the globalization of the US dollar, opening a new chapter for compliant dollars to achieve financial sovereignty output on-chain.

According to institutional forecasts, the global stablecoin market value could reach $1.6-3.7 trillion by 2030, with growth mainly concentrated in three areas: cross-border payments, on-chain finance, and tokenization of physical assets. Stablecoins will become the "core dollar liquidity" in the Web3 ecosystem.

In this context, Circle is facing a dual race: on one hand, competing with native players like Tether for liquidity coverage, and on the other hand, vying with traditional financial giants for the output rights of stablecoin systems. Circle's core advantages lie in its compliance first-mover advantage, open infrastructure, and ecological network, as well as its high institutional trust. However, it also faces challenges such as a single income structure and channel dependency.

Circle's IPO valuation is approximately $8.1 billion, with a price-to-earnings ratio of about 50 times. In the short term, it may be driven up by market sentiment, but one must be cautious of the risk of valuation reversion. The key in the long term lies in the expansion of new business and the penetration capability of the global payment network. Investors are buying the future pricing power of compliant licenses and on-chain payment networks, rather than current profits.

The stablecoin market is on the brink of an explosion. Whether Circle can play a key protocol layer role in the global on-chain US dollar consensus system will determine its long-term value. The real story may just be beginning.