Circle IPO sparks controversy: Founding principles of the encryption industry face challenges

Circle, as the issuer of the USDC stablecoin, was expected to have its IPO become an important milestone for the cryptocurrency industry towards mainstream finance. However, the issuance process has sparked widespread controversy within the industry. A senior executive of an investment institution strongly criticized Circle's behavior of favoring traditional financial institutions in the IPO allocation while ignoring native crypto participants, and used this to explore why the core concept of "alignment of interests" in the cryptocurrency industry is often deviated from in the traditional IPO system.
Circle completed its Initial Public Offering (IPO) last week, priced at $31 per share (above the initial expected range of $24 to $26). The closing price on the first day was $84, and by the end of the week, the stock price had exceeded $107. Investment banks have severely mispriced this IPO, which also reflects the sentiment in the market.