Stablecoin Showdown: Sony Joins the USDC Party, Circle Prepares for IPO

🚨 Stablecoin Showdown: Sony Joins the USDC Party, Circle Prepares for IPO 🚨

As the world teeters on the brink of economic collapse, tech giant Sony Electronics has decided to take a bold step into the unknown. In a move that can only be described as a cry for help, Sony announced that it would accept USDC stablecoin payments in Singapore, with transactions facilitated through Crypto.com’s payment services.

But wait, there’s more! The announcement comes at a time when USDC issuer Circle submitted an S-1 filing to the US Securities and Exchange Commission (SEC) to launch its own Initial Public Offering (IPO). Because what’s a little economic instability without a good ol’ fashioned IPO, am I right?

Speaking on this news, Chin Tah Ang, General Manager of Crypto.com Singapore, said:

“We’re pushing to make paying in crypto more mainstream.”

Currently limited to one cryptocurrency, Sony stated that it plans to support more in the future. Because, you know, one stablecoin is never enough. This move aligns with the company’s broader push into blockchain and Web3 technologies across its global operations. Because who doesn’t love a good blockchain?

Earlier this year in 2025, Sony debuted its Ethereum Layer-2 blockchain Soneium to support different use cases such as creator tools, digital collectibles, etc. to drive in-game economics. During its testing phase in September, Soneium integrated support for bridged USDC, establishing it as a key transaction option for apps built on the network. Because, you know, who needs actual economic stability when you have blockchain?

Circle Submits IPO Filing to US SEC for NYSE Listing

USDC stablecoin issuer Circle submitted its IPO filing to US SEC to go public on the New York Stock Exchange (NYSE). As per the Form S-1 registration filed with the SEC on April 1, the USDC issuer will list its Class A common stock under the symbol “CRCL”. Because, you know, a good IPO needs a catchy ticker symbol.

The filing revealed that Circle generated $1.67 billion in revenue for 2024, marking a 16% year-over-year increase. However, net income dropped to $155.6 million, a 41.8% decline from 2023, while the company reported a $761.7 million net loss in 2022. Because, you know, who needs actual profits when you have revenue?

Over the last year, Circle;’s market cap has nearly doubled to over $60 billion, following a strong demand for the stablecoin. Additionally, Circle has an edge over its rival Tether in the European market, being a stablecoin with MiCA compliance. Because, you know, who needs actual economic stability when you have regulatory approval?

The filing revealed that over 99% of Circle’s revenue last year came from its stablecoin reserves, with the company earning income through yield-bearing Treasury bills. Because, you know, who needs actual business model when you have Treasury bills?

Circle also holds $6.2 million in Bitcoin

, $5.6 million in Sui

, and over $3.3 million in Ethereum

, along with holdings in Sei

, Aptos

, and Optimism

.

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2025-04-02 13:10