Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. </li>
<li>Stablecoins, like <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY)</a>, are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).</li>
<li>Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. </li>
</ul>


Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. 


Hong Kong Ratifies Stablecoin Legislation

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

<ul>
<li>With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.</li>
<li>Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by &gt;20 %</li>
<li>Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares</li>
</ul>


With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.
Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by &gt;20 %
Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares


Circle IPO: Wall Street’s New Fintech Darling Prices Above Range

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.</li><li>Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.</li><li>The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. </li></ul>

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. 

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

China and US Equity Analyst

Roger Xie

Cross Asset Strategy

<ul>
<li>Stablecoin <a href="https://www.smartkarma.com/entities/terrausd" target="_blank" data-smartkarma-citation="entities:35209:1" rel="noopener">TerraUSD (UST CURNCY)</a> has de-pegged from USD; the implosion put pressure on <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY).</a> This resembled the confidence crises that precede bank runs.</li>
<li>The incident happened under macro headwind such as tech stock sell-off, rising benchmark interest rates and TerraUSD specific algorithm design. </li>
<li>The bigger worry of de-pegging has investors to re-assess the reserve behind stablecoin in the crypto ecosystem; we expect the ripple impact will continue for some time before settling down.</li>
</ul>


Stablecoin TerraUSD (UST CURNCY) has de-pegged from USD; the implosion put pressure on Tether (USDT CURNCY). This resembled the confidence crises that precede bank runs.
The incident happened under macro headwind such as tech stock sell-off, rising benchmark interest rates and TerraUSD specific algorithm design. 
The bigger worry of de-pegging has investors to re-assess the reserve behind stablecoin in the crypto ecosystem; we expect the ripple impact will continue for some time before settling down.


Crypto: Perfect Storm on Stablecoin Infrastructure

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Circle Internet Group / Private Capital Markets

<ul><li>Sacra estimates that Circle generated $1.68 billion in revenue in 2024, up 16% from $1.45 billion in 2023.</li><li>Circle completed its NYSE IPO on June 4, 2025, pricing at $31 per share (above the marketed $27-28 range), raising approximately $1.05B.</li><li>Circle announced a strategic collaboration with Fiserv in June 2025 to develop stablecoin-enabled solutions for financial institutions and merchants in the Fiserv ecosystem.</li></ul>

Sacra estimates that Circle generated $1.68 billion in revenue in 2024, up 16% from $1.45 billion in 2023.Circle completed its NYSE IPO on June 4, 2025, pricing at $31 per share (above the marketed $27-28 range), raising approximately $1.05B.Circle announced a strategic collaboration with Fiserv in June 2025 to develop stablecoin-enabled solutions for financial institutions and merchants in the Fiserv ecosystem.

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Tether (USDT CURNCY)

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

Circle IPO: Wall Street’s New Fintech Darling Prices Above Range

At a forward P/E of 32×, Circle’s valuation remains modest for a regulated stablecoin frontrunner: propelled by enterprise payment pilots, a robust...

Tatja Karkkainen

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.

Water Tower Research

Crypto: Perfect Storm on Stablecoin Infrastructure

The bigger worry of TerraUSD de-pegging has investors to re-assess the reserve behind stablecoin in the crypto ecosystem; we expect the ripple...

Roger Xie

Primer: Circle - 19 Jan 2026

Regulated stablecoin platform powering USDC/EURC payments, cross-border settlements, and developer treasury APIs

Sacra

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