Stablecoin issuer Circle targets $7.2 billion valuation in upsized US IPO
Circle's dollar-denominated USDC, the second-largest stablecoin in the world, is expected to benefit from the impending stablecoin bill, which is expected to catalyse institutional adoption. Stablecoins are designed to maintain a constant value, usually a 1:1 dollar peg, and are commonly used by crypto traders to move funds between tokens.
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Crypto firm Circle Internet said on Monday it was targeting a valuation of up to $7.2 billion on a fully diluted basis in its upsized initial public offering in the United States, underscoring growing momentum in the stablecoin market.The upsized IPO indicates strong investor appetite for crypto firms under U.S. President Donald Trump, who has not only promised friendlier regulations for the sector, but also has several crypto projects associated with him.New York-based stablecoin issuer Circle and some existing investors are now looking to raise up to $896 million from 32 million shares priced between $27 and $28 apiece, up from their earlier offer of 24 million shares between $24 and $26.Circle's dollar-denominated USDC, the second-largest stablecoin in the world, is expected to benefit from the impending stablecoin bill, which is expected to catalyze institutional adoption.Stablecoins are designed to maintain a constant value, usually a 1:1 dollar peg, and are commonly used by crypto traders to move funds between tokens.Circle's reserve income, its primary revenue source, from interest on the Treasuries backing its USDC coin, rose 55.1% to $557.9 million in the quarter ended March 31.But distribution and transaction costs for the period jumped 68.2%, outpacing revenue growth for Circle, which distributes USDC primarily via its partnership with Coinbase and other third-party distributors.J.P. Morgan, Citigroup and Goldman Sachs are the lead underwriters for the offering. Circle will list on the New York Stock Exchange under the symbol "CRCL".Circle is poised to go public in New York later this week.
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Time of India
25 minutes ago
- Time of India
Israel-Iran war: What are B-2 bombers used by US to strike Iran? Here's why they're key
US Air Force B-2 Spirit bomber (File Photo) The United States formally entered the Israel-Iran conflict, as it bombed three nuclear facilities in Iran early Sunday morning local time. US President Donald Trump, who earlier gave himself a 2-week window to decide on whether to strike Iran or not, announced the air strikes in a post on his Truth Social platform. "We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE! Thank you for your attention to this matter," Trump wrote. Later, in an address to the nation, Trump announced that the US Air Force's B-2 Spirit bombers hit Tehran's nuclear facilities. What are B-2 Spirit bombers? Why were they used? Built by American aerospace firm Northrop Grumman, the B-2 Spirit is more famous as the Stealth. It is capable of entering sophisticated air defenses and conducting precision strikes against hardened targets such as underground nuclear research facilities, like the ones in Iran. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo The B-2 is the most expensive military aircraft ever built, as each unit costs about $2.1 billion. It has a range of over 6,000 nautical miles without refuelling, enabling strike capabilities from US continental bases. On the other hand, with aerial refuelling, it can reach virtually any target worldwide. A 2-pilot aircraft, the B-2 has a payload capacity of more than 40,000 pounds, and can thus carry a diverse array of both conventional and nuclear weapons. It is also equipped with large ordnance loads, which could include two GBU-57A/B MOP (Massive Ordnance Penetrator), and a 30,000-pound precision-guided "bunker buster" bomb. The MOP is the largest conventional bomb in the US arsenal, specifically engineered to defeat hardened underground bunkers.
Time of India
27 minutes ago
- Time of India
Investors brace for oil price spike, rush to havens after US bombs Iran nuclear sites
Investors warned that U.S. airstrikes on Iranian nuclear sites could jolt global markets when they reopen, with oil prices likely to surge and a rush toward safe-haven assets such as the dollar expected. The attack, announced by President Donald Trump, deepens U.S. involvement in the Middle East conflict, raising concerns about inflation and economic uncertainty. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Oil prices, inflation Tired of too many ads? Remove Ads Dollar woes A U.S. attack on Iranian nuclear sites on Saturday could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global attack, which was announced by President Donald Trump on social media site Truth Social, deepens U.S. involvement in the Middle East conflict. That was the question going into the weekend, when investors were mulling a host of different market scenarios. In the immediate aftermath of the announcement, they expected the U.S. involvement was likely to cause a selloff in equities and a possible bid for the dollar and other safe-haven assets when trading begins, but also said much uncertainty about the course of the conflict Trump called the attack "successful", few details were known. He was expected to address the nation later on Saturday."I think the markets are going to be initially alarmed, and I think oil will open higher," said Mark Spindel, chief investment officer at Potomac River Capital."We don't have any damage assessment and that will take some time. Even though he has described this as 'done', we're engaged. What comes next?" Spindel said. "I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil," he however, said there was time to digest the news before markets open and said he was making arrangements to talk to other market participants.A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts."This adds a complicated new layer of risk that we'll have to consider and pay attention to," said Jack Ablin, chief investment officer of Cresset Capital. "This is definitely going to have an impact on energy prices and potentially on inflation as well."While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June the U.S. attack on Saturday, analysts at Oxford Economics modeled three scenarios, including a de-escalation of the conflict, a complete shutdown in Iranian oil production and a closure of the Strait of Hormuz, "each with increasingly large impacts on global oil prices."In the most severe case, global oil prices jump to around $130 per barrel, driving U.S. inflation near 6% by the end of this year, Oxford said in the note. "Although the price shock inevitably dampens consumer spending because of the hit to real incomes, the scale of the rise in inflation and concerns about the potential for second-round inflation effects likely ruin any chance of rate cuts in the U.S. this year," Oxford said in the note, which was published before the U.S. strikes. In comments after the announcement on Saturday, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level in a few days as the attacks could lead Iran to seek a peace deal with Israel and the United States."With this demonstration of force and total annihilation of its nuclear capabilities, they've lost all of their leverage and will likely hit the escape button to a peace deal," Cox said. Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump's any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ escalation in the conflict could have mixed implications for the U.S. dollar, which has tumbled this year amid worries over diminished U.S. the event of U.S. direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said."Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger," said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. "It's hard to imagine stocks not reacting negatively and the question is how much. It will depend on Iranian reaction and whether oil prices spike."
Mint
5 hours ago
- Mint
Trump's ‘Two Weeks' Pause on Iran Strikes Comes With High Stakes
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But experts say it will be hard for Israel to destroy Iran's most fortified uranium enrichment facility, the Fordow plant, without the bunker-busting bombs only the US has. The US military launched several long-range stealth B-2 bombers — the kind that could carry the 30,000-pound bombs — from Missouri over the Pacific, according to media reports, possibly positioning them in case of a strike. The Wall Street Journal cited officials saying that no order has been given to ready an operation. 'For the Israelis it does put them in a bind,' said Illan Goldenberg, a former White House and Pentagon official who worked on Iran issues. 'They'd prefer this not go on for weeks and months.' 'My guess is they have some kind of option for Fordow, but it's not as good as our option for Fordow,' said Goldenberg, a senior vice president at J Street, a liberal Israel lobbying group focused on creating a two-state solution. The Israelis 'put themselves in this limbo by launching a war and putting their faith in Donald Trump to come and finish the job.' Israeli officials told the White House in what was described as a tense phone call on Thursday that two weeks is too long to wait for Iran to reach a deal to dismantle its nuclear program, Reuters reported Saturday. Iran, meanwhile, could seek to disrupt oil shipments through the Strait of Hormuz, a chokepoint for roughly 20% of global crude flows. Even without a direct move by Tehran, nearly 1,000 vessels daily have reported GPS jamming near the narrow passage separating Iran from its Arab neighbors, according to the French naval liaison body MICA Center. The Houthis, an Iran-backed militia in Yemen, threatened on Saturday to target US vessels and battleships if the US joins Israeli attacks. The conflict started June 13 when Israel, saying it had evidence that Iran was close to achieving nuclear weapons capability, launched a series of missile attacks on Iran, which has returned missile attacks. Keeping the world guessing Trump for years has had a penchant for setting two-week deadlines, sometimes following through and at other times missing them or never acting at all, making 'within two weeks' a stock phrase for pending decisions in both his White House terms. On Friday, Trump kept the world guessing on his next steps. Speaking to reporters in New Jersey, he called himself a 'peacemaker' and dismissed the idea of sending in ground troops. He both suggested he wanted a diplomatic path and said he might support a ceasefire, but also kept a military threat alive, describing the two-week time frame as a maximum. 'I'm giving them a period of time,' he declared. Israel has pressed Trump to offer support, but in return Trump has only offered a run of tough commentary. European diplomats have stepped in to try to de-escalate tensions by talking to Iranian Foreign Minister Abbas Araghchi with little to show for it but a dismissive remark from Trump. Trump won the presidency twice promising not to get the US involved in the kinds of intractable Middle East wars he savaged his predecessors over. His most fervent MAGA supporters have been urging him publicly and privately to avoid military action in keeping with his 'America First' position. Since Israel's assault on Iran started, Israelis have faced hundreds of ballistic missiles and 1,000 drone attacks launched by Tehran. Iran has lost a slew of military officials, with more than 400 people dead and several nuclear facilities and related infrastructure destroyed or damaged. Israel, which has been waging a military campaign in Gaza since Hamas militants attacked the country on Oct. 7, 2023, may struggle to sustain a war against Tehran. The US is already working to replenish Israel's defenses as they deplete their stock of interceptors. And Israeli officials say Trump's pause means the war will last even longer. Prime Minister Benjamin Netanyahu insisted the Jewish state will 'achieve all of our objectives,' including rendering Fordow inoperable. Trump cited hopes for negotiations as part of his aim for the 'two-week' pause. But Iranians refuse to negotiate with the US while an Israeli assault continues, and the talks with European leaders appeared to make little progress. Trump expressed skepticism about those efforts Friday, saying: 'Iran doesn't want to speak to Europe. They want to speak to us. Europe is not going to be able to help them.' Yet Iran refuses to talk to the US while the Israeli assault continues. Peter Krause, a Boston College professor who specializes in Middle Eastern politics, argued that if Trump is doing 'coercive diplomacy' with Iran, then his 'hand is strengthened' the more damage Israelis do to Iran. Krause said the next two weeks will likely see a 'ramping up with more of the same militarily, but simultaneously, attempted diplomacy led by the Europeans and maybe the United States and the Turks to see if we can get an off-ramp before things get worse.' Trump has also long hurled ultimatums at opponents that he often quickly reverses as he pushes them to make concessions — as the world saw with his tariffs regime in the spring — demanding exorbitant tariffs only to back off once the trading partner arrived at the negotiating table. But taking that approach here may not work. The latest signals from the White House suggest a demand for zero uranium enrichment in Iran, a condition Tehran sees as fundamentally unacceptable. Iranian officials maintain they have no intention of pursuing nuclear weapons, but argue that some level of enrichment, under clear restrictions and oversight, is a sovereign right. Stripping that away, they contend, would amount to capitulation rather than compromise. With assistance from Ethan Bronner. This article was generated from an automated news agency feed without modifications to text.
