Circle Files For IPO

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Good Morning.

Fidelity is making their stablecoin. WLFI is making its stablecoin. Soon, your mama is making her own stablecoin. 2025 is shaping up to become the year of stablecoins, and we’re only three months in.

In Today's Email:

• What Matters: Circle IPO 📢

• Case Study: Altcoin Dumped on Binance 📉

• Governance & Features: Uniswap DAO $113M Governance Incentive 💸 

You read and share. We listen and improve. Send us feedback at [email protected].

TOGETHER WITH

Superseed

Superseed has officially launched its Ethereum Layer 2 mainnet, powered by the OP Stack and integrated into the Superchain ecosystem. Designed for speed, security, and low fees, Superseed is now live with a powerful lineup of DeFi apps including Velodrome, MarginZero, SeedFi, Dolomite, and more.

Here’s what you can do today:

• Bridge assets to Superseed via bridge.superseed.xyz

• Explore DeFi apps purpose-built for performance and composability

• Get ready for the upcoming Genesis Passport mint, Seeds reward program, and Token Generation Event

This launch is just the start. Superseed is sequencing its roadmap with purpose — building toward game-changing innovations like Proof-of-Repayment, Supercollateral, and the SuperCDP.

If you’re building or investing in the future of DeFi, Superseed is your launchpad.

→ Live onchain. Build forward. Grow with Superseed.

WHAT MATTERS

Circle Files For IPO

State of play: The stablecoin issuer behind USDC, Circle, has filed for IPO.

• Circle tried to go public via a SPAC in 2022, but ended up canceling the plan.

• Circle reported $1.68B in revenue and reserve income in 2024, with a net income of $156M.

• In its prospectus, Circle said that in 2023, it acquired “the remaining outstanding 50% equity interest in Centre Consortium” from Coinbase for $210M worth of shares.

• Circle reportedly pays $250M/year in compensation.

• This is while giving away ~60% of its reserve asset income to their distributor, such as Coinbase.

Why it matters: If successful, this will mark another crypto native company going public

Our take: Circle needs to manage this roadshow very carefully, as it’s arguable that they’re stuck being the mid curve of the stablecoin landscape.

• USDT on one side servicing the offshore dollar, and new upcoming TradFi-backed USD stablecoin from the institutions servicing the onshore dollar.

For builders and investors: Make sure you are not competing in a space that’s a race to the bottom without a clear unfair advantage.

CASE STUDY

Altcoin Dumped on Binance

A sharp, sudden sell-off in Solana-based AI memecoin ACT and other altcoins on Binance triggered steep price drops, with Binance later attributing the crash to large spot sales from a handful of accounts.

Takeaways:

• ACT fell over 60% within minutes, with several other low-cap altcoins dropping 20–50% on Binance.

• Binance cited $1 million in ACT sales from four accounts, including three VIPs, as the catalyst.

• Market speculation pointed to margin adjustments, possible market maker liquidations, and cascading effects on smaller tokens.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

AI Wayfinder Airdrop Guide

Credits to katexbt for the original guide.

AIWayfinder, a project tied to $PRIME, is offering a near-guaranteed airdrop through a simple onboarding process and light wallet interaction — here’s how to claim it in under 10 minutes.

• Register for an account, confirm your email, and set up Passkeys using FaceID/TouchID or Chrome.

• Deposit $10 on multiple chains (Base, Polygon, Arbitrum, BNB) and keep funds idle for upcoming missions.

• Connect your Twitter account — interaction like following or reposting is optional for eligibility.

Finish all of the missions listed, and voila! Genuinely, they’re working on interesting products and it might be overlooked by many to participate.

FEATURES & GOVERNANCE UPDATE

Uniswap DAO: $113M For Governance Participation

Uniswap DAO has voted to continue its “treasury delegation program”, which will allocate up to 18M UNI (worth $113.4M) to 12 selected delegates.

• The first program began in December 2023.

• If it passes, the 12 selected delegates will receive 1M UNI tokens to incentivize their governance participation.

• An additional 1M tokens will be given to top delegates which are determined by a set of objective criteria, one that includes maintaining an 80% minimum voting participation rate over three months.

Other notable feature updates:

• USDT0 is live on Unichain.

• TurtleClub launches new campaign.

• Kinto enabled $K token withdrawals.

• Sonic has disabled S to FTM migrations.

• Securitize integrates Apollo Global into its credit platform.

• Scroll announced integration with Solana via Portal Bridge.

• Dolomite launches a new looped $srUSD strategy on Berachain.

QUICK BITES

• Bybit shuts down NFT marketplace.

• Circle files IPO prospectus with SEC.

• GameStop raises $1.5B in convertible notes to buy BTC.

• SEC & Gemini seek 60-day pause on $900M lending case.

• Kristin Smith departs to join the new Solana Policy Institute.

• Vana introduces new token standard for data-backed crypto.

• Tether bought 8,888 BTC in Q1, bringing its holdings to $7.8B.

• Circle paid $210M in stock to acquire Coinbase’s stake in Centre.

• Backpack kicks off fTX EU asset recovery process for customers.

• Sony Singapore enables shoppers to pay in USDC via CryptoCom.

• Uniswap DAO backs $113M program to boost governance participation.

• Altcoins crashed on Binance, maybe because of a change in margin req.

NOTEWORTHY READS & MEME

• Matti’s read on this is not the bottom.

• Pantera’s read on the full-spectrum investing approach.

• Coinmetrics’ read on the state of the network’s Q1 2025.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.