Stablecoin issuer Circle's upcoming NYSE listing is seen as a crucial milestone, coming four years after Coinbase's public debut. Analysts caution that predicting the outcome is challenging due to various market dynamics. Matteo Greco from Fineqia indicated that while Circle aims for a valuation aligned with market expectations, similar to Coinbase's experience, historical data demonstrates potential volatility. Coinbase opened at $381 but closed lower on its first day, suffering during a subsequent bear market. Circle targets a $7.2 billion valuation, below its previous $7.7 billion from April 2022, translating to a 14.3x EBITDA valuation, which is lower than Coinbase's and Robinhood's. Analysts suggest Circle's stability might appeal to certain investors, but it lacks the brand recognition that drove Coinbase's appeal. With USDC holding a 24% market share, its success will depend on broader crypto market performance, where any correlation with trading volumes could impact demand. Future tracking of Circle's IPO pricing will be essential for gauging market response.

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