According to The Block, Borderless CEO Kevin Lehtiniitty expressed concerns about the prospect of Circle's IPO. Data shows that Circle's net profit in 2024 was US$155.7 million, a year-on-year decrease of 42%, in sharp contrast to Tether's US$13 billion profit in the same period. Lehtiniitty, CEO of Borderless.xyz, pointed out that Circle's high spending on compliance operations could impact its profitability. In 2024, Circle paid only $908 million to its major distribution partner Coinbase to maintain USDC circulation. As a veteran in the stablecoin field, Lehtiniitty believes that the stablecoin market has become more commoditized and Circle lacks unique advantages. He said new entrants like PayPal and World Liberty could challenge Circle with their unique distribution channel advantages. Previous news, Circle submitted S-1 documents to the US SEC and planned to list on the New York Stock Exchange.