Circle IPO: the rise of USDC?

[MrSpasybo]

Circle Internet Financial, the USDC issuer, has filed to go public. Circle filed a confidential draft S-1 document to the SEC:

USDC is the second-largest stablecoin, with a market cap of about $25 billion.
Circle's move to become a publicly listed company comes one day after the SEC approved a series of spot bitcoin ETFs^[1].

Together with Coinbase IPO in 2021^[2], Circle's move to become a publicly listed company is a significant milestone for the crypto industry. It is the first major stablecoin issuer to go public, and it is a sign of the growing maturity and legitimacy of the crypto market.

Let's not forget that USDC is a stablecoin supported by both Coinbase and Circle, the fact that both companies are listed on the stock exchange is not a coincidence. I believe this is a plan to expand the influence of the USDC alliance in the US to capture a larger market share in the future. The backing of both crypto companies on the stock exchange will increase USDC's credibility, making USDC more trustworthy than Tether's USDT, which is always surrounded by rumors and a lack of reserve proof.

Currently USDT still holds the majority of the stablecoin market share, but the rise of USDC will really become a concern for Tether in the future. When USDC is “chosen” in the US, the world's largest economy and also the largest crypto market in terms of capitalization, Tether will lose potential customers, potential cash flow and income from government bond will decrease.

I wait for Tether's actions to improve its reputation in the crypto market, perhaps a proof of reserve audited and confirmed by many of the world's leading auditing companies is what Tether needs right now.

Do you think Circle's IPO is just the first step in the rise and expansion of USDC in the US and global market? Should Tether be worried and what can it do to keep its market share?
[1] Stablecoin Issuer Circle Internet Files for IPO
[2]Coinbase goes public with a nearly $100 billion valuation