Format: Crypto Sector Matures, Points to Record Listing Wave
After years of wild growth, the digital assets industry has evolved significantly, with sector leaders preparing for public listings.
Toward Institutionalization: Exchanges adopt traditional finance structures
Leading crypto exchanges, once weekend experiments, have transformed into institutions requiring compliance teams, IR departments, and long-term financial planning.
“We are now IPO-ready,” said MEXC COO Tracy Jin.
Listing Milestones and Future Candidates
The movement toward public markets gained momentum in June with several notable events.
**June 5:** Circle, issuer of the USDC stablecoin, conducted its successful public debut, raising $1.1 billion and posting a record 167% first-day gain.
**June 5-10:** Gemini (Cameron and Tyler Winklevoss) and Bullish (backed by Peter Thiel) filed for US listings, following Gemini’s confidential application.
Drivers Behind The Trend
"Improved market sentiment is fundamental to a successful launch," Jin noted.
Regulatory Clarity as Catalyst
However, regulatory developments are proving equally important catalysts. The advent of clear frameworks like MiCA in Europe plus US ETF approvals has significantly reduced risk perception for institutional investors.
“Ambiguity in the US made public market investors wary for years,” Jin explained.
MEXC COO believes the industry has undergone a dramatic maturation process. “Crypto is no longer a nascent industry run from garages,” she asserted. With proper financial oversight, operational governance, and scalable income streams from services like custody, staking, and trading, crypto companies are now positioned for IPO success.
Looking forward, Jin anticipates leadership from infrastructure players and fintech-adjacent firms specializing in blockchain analytics, staking services, secure custody, and stablecoin issuance. “The momentum will remain strong but be highly selective,” she stated. “The most successful entities will feature clear, defensible business models resembling tech or fintech more than speculative token bets.”
