The digital asset landscape is evolving rapidly, and few sectors have experienced as much transformation as stablecoins. Recent developments in U.S. regulation signal a decisive shift toward a comprehensive legal framework. Within this context, the Initial Public Offering (IPO) of Circle Internet Group—the issuer of USDC, the second-largest stablecoin by market capitalization —is more than a corporate milestone. It marks a pivotal moment in the maturation of the industry and the growing integration of digital assets into traditional finance. The initial IPO pricing at a higher-than-expected price point, together with a first-day price surge to more than 250% of the IPO price, shows Wall Steet’s enthusiasm for stablecoins. For a full analysis, click here for the article that was published in Reuters Legal News on June 12, 2025.
Circle’s IPO and the New Era of Stablecoin Regulation in the U.S.
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technical-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.