币界网报道：Circle executives and venture capitalists misjudged the stablecoin market, leading to a $2 billion loss in valuation, according to Protos. The company, which issues USDC, initially planned to go public via a SPAC merger in 2021 at a $4.5 billion valuation but later slashed it to $2.9 billion due to market volatility and regulatory uncertainty. Circle CEO Jeremy Allaire acknowledged the misreading of market conditions, particularly the rapid shift in investor sentiment toward stablecoins amid tightening crypto regulations. Despite the setback, Circle remains a dominant player in the stablecoin sector, with USDC being the second-largest stablecoin by market cap. The failed SPAC deal highlights broader challenges in the crypto industry, where regulatory scrutiny and market instability continue to impact valuations and fundraising efforts.