Tether's market cap has just reached an all-time high of USD 188 billion, even as Circle's USDC grew at a slower pace. The divergence is not random noise, it is a behavioral signal from Decentralized Finance (DeFi) users that has not yet received sufficient analytical attention.

A successful listing, booming interest in stablecoins, and a potential wave of crypto IPOs could reshape how markets view digital finance. Here’s what Circle’s IPO means for crypto.