Circle’s $1.1 billion IPO has been hailed as a positive development for Ethereum, according to analysts. More than half of the USDC stablecoin’s circulating supply resides on Ethereum, amounting to $36.7 billion. This concentration is attributed to Ethereum’s dominance in decentralized finance (DeFi). As Circle’s IPO garners attention, Ethereum’s role in supporting USDC is likely to come under scrutiny, potentially boosting institutional interest in the network. Analysts suggest that the IPO could drive further adoption of Ethereum as investors explore the infrastructure underpinning stablecoins. Despite Ethereum’s recent 3% dip in price, the IPO’s success may strengthen its position relative to competitors like Solana, Avalanche, and others.
— new from Decrypt
