Borderless CEO Kevin Lehtiniitty expressed concern about Circle's IPO prospects, according to The Block. Circle's net profit for 2024 was $155.7 million, down 42% year-on-year, in sharp contrast to Tether's $13 billion profit for the same period, according to the data. Lehtiniitty, CEO of Borderless.xyz, noted that Circle's high spending on compliance operations could impact its profitability. In 2024, Circle paid only $908 million to its primary distribution partner Coinbase to keep USDC in circulation. As a veteran in the stablecoin field, Lehtiniitty believes that the stablecoin market has become commoditized and Circle lacks unique advantages. He said new entrants like PayPal and World Liberty could pose a challenge to Circle with their unique distribution channel advantages. Previously, Circle submitted an S-1 document to the US SEC and plans to list on the New York Stock Exchange.