Backpack vs Circle: Why This Crypto Wallet Could Be the Next Big IPO in 2025

The IPO Gold Rush is Real

The market’s fever pitch around crypto listings is no longer speculative—it’s structural. When Circle went public with a 168% opening surge and 25x oversubscription, it wasn’t just a victory for stablecoins. It was proof that traditional capital is finally ready to bet on real Web3 companies.

But here’s my take: not all ‘crypto’ IPOs are created equal. Most are mining plays or Bitcoin-holding vehicles—great for hedge funds, terrible for long-term ecosystem builders.

Enter Backpack: A True Web3 Native Play

While Kraken and Ripple flex their brand muscle, Backpack quietly built something rarer: an end-to-end consumer-facing crypto stack that feels like a public company already.

Yes—Backpack’s core business revolves around three pillars:

• Wallet: Secure, multi-chain access from day one.
• Exchange: Built-in lending + auto-compounding yields.
• Mad Lads NFTs: Not just collectibles—they’re community fuel.

This trio creates what I call “the Robinhood-MetaMask-USDC Network combo,” but without the baggage of legacy tech or regulatory drama.

Product Depth Meets Regulatory Fluency

Let me drop some cold data:

• Over $1.65B in assets loaned since Season 1.
• $11B in 24-hour perpetual trading volume during incentive campaigns.
• Auto-Lend on USDC/pyUSD now delivers 5.56% APY (4% Treasuries + 1.56% yield).

That’s not just strong; it’s institutional-grade performance.

And here’s where it gets spicy: Backpack didn’t copy-paste compliance from elsewhere. Its legal team? Former FTX veterans who learned how to survive SEC scrutiny the hard way—and they’ve been using those scars to build armor for everyone else.

Unlike Kraken’s seven-year IPO rollercoaster or Ripple’s ongoing legal limbo, Backpack has launched compliant fiat rails in multiple jurisdictions—yes, even before going public—to prove it can scale globally without burning bridges.

Why This Isn’t Just Another Exchange Play

Most platforms treat wallets like afterthoughts. Not Backpack. They made xNFTs—a “wallet-first” dApp layer—that turns your digital vault into an interactive app hub. Think of it as Web3-level “WeChat Mini Programs,” where every transaction seeds new engagement.

And Mad Lads? It’s more than an NFT project—it’s cultural glue. With over 8k holders and organic content floods across TikTok and YouTube, you can see how real users feel ownership beyond profit margins.

In short: this isn’t marketing fluff—it’s viral feedback loops baked into product design.

The Real Game Is Compliance + Consumer UX — Not Hype —

during my time at Coinbase analyzing APAC trends, I saw one pattern repeat: when institutions enter crypto markets, they don’t buy memes—they buy predictability.

Backpack delivers exactly that—with zero compromise on decentralization or user experience.