Circle's IPO is a banger: Stablecoin Dispatch Volume 3 (10/06/25)

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Hello friend!

Last week, I attended Money 20/20 Europe in the vibrant city of Amsterdam. As you might expect, AI and Stablecoins were all the rage. And bicycles. We’re in full hype cycle for both, so that’s expected from an event centred on the future of financial services.

One highlight for me was the "Stablecoins and the Future of Payments" side event, which featured a fantastic panel of speakers. While all of this was happening, Circle’s IPO went live and was a blockbuster booster for the crypto industry.

Summary: It was a great week for all who work on stablecoins.

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This week’s news

Circle might have underpriced its IPO

At the time of writing this, Circle closed its last day of trading at $115.25 per share. This is nearly 4x its listing price of $31. Looks like nobody expected this demand for a stablecoin company. The company missed the 2021-2022 fintech window and has not missed this cycle. Praise be.

Gemini files for IPO

Global crypto exchange Gemini has confidentially filed for an IPO. This comes after Circle’s blockbuster IPO, showing investor confidence, not only in crypto but in stablecoins specifically.

Gemini was founded in 2014 by the Winklevoss brothers, Tyler and Cameron. If successful, this IPO will further boost confidence in crypto products.

This is not to be confused with Google’s Gemini AI assistant.

My take: IPOs depend equally on timing and a strong product and business. If there’s anything we learnt from the 2021-2022 fintech IPO season, it’s that timing is everything.

Big tech and everyone else are getting into stablecoins

Fortune reports that Apple, Airbnb, and X are considering using stablecoins for global payments. This isn’t surprising to me because stablecoins solve huge cross-border remittance problems. Since they can be delivered via faster rails than today’s rails, they free up liquidity for more efficient treasury operations.

My take: If you’re a global business and you’re not considering how stablecoins could impact your treasury operations and remittance efficiencies, your board might not take you seriously. This is happening, and this is real. Next week, I’ll explore how stablecoins could change the game for treasury operations, cross-border remittances, and the way we pay and get paid.

In other news…

The GENIUS Act lacks protections for stablecoin insolvency. It doesn’t make sense for businesses or customers. I’m not sure what’s happening here. Banking nerd Todd Phillips explores the problems in this essay.

Deutsche Bank explores Stablecoins and Tokenised deposits. I’m happy to see big banking set the tone for stablecoin usage.

Xend Finance and Risevest Launch Tokenized Stock Platform for Africa. There is a possible tokenisation of every asset. Risevest provides Africans with access to global investment opportunities and is partnering with Xend to expand its reach to even more assets.

Stuff you should read

Tearsheet examines three case studies of institutional stablecoin usage. The case studies cover PayPal, Coinbase, Green Dot, and Crypto.com.

Stablecoins are a new platform by Simon Taylor, the Head of Strategy at Sardine.

In this letter, Dea Markova and Varun Paul, Directors at Fireblocks, explain why stablecoin issuers are not banks. 

Sam Broner, Partner at A16Z Crypto, charts a path in How stablecoins become money: Liquidity, sovereignty, and credit.

P.S. If you liked this, please forward or share with a friend 🙂 and follow @stablecoindispatch on LinkedIn and Threads.