"Coinbase Rival Circle Files for IPO: Implications for the Crypto Market"

In a significant move for the cryptocurrency market, Circle, the issuer of the popular USD Coin (USDC) stablecoin, has announced its intention to go public on the New York Stock Exchange. This development comes amidst a challenging environment for Circle, marked by declining profits and increasing competition, particularly from industry giant Tether. Here’s a closer look at what this IPO means for the broader crypto market.

Circle Files IPO Amid Declining Profits and Stiffening Competition

Circle, the company behind the USD Coin (USDC) stablecoin, has officially filed to go public on the New York Stock Exchange under the ticker symbol “CRCL.” This marks a notable step for the entire stablecoin industry and raises questions about the implications for the broader market, particularly in relation to Tether’s $160B dominance. The IPO filing comes at a time when Circle is facing declining profits and stiffening competition.

Crypto-to-Fiat App P2P.me Raises $2M from Multicoin and Coinbase Ventures

Bitcoin’s original promise of ’peer-to-peer electronic cash’ hasn’t fully materialized as intended by Satoshi. A mismatch exists where more people want to pay in crypto, but most vendors prefer fiat. Pseudonymous crypto developer Sheldon Cooper claims to have a solution with P2P.me, a blockchain-based service that relies on a network of middlemen to facilitate crypto-to-fiat transactions without touching regular on-and-off ramps. The service allows users to pay in stablecoins like USDC and have the equivalent fiat sent to the recipient, taking about 90 seconds to complete.