Circle, the Issuer of USDC Stablecoin, Targets $7.2 Billion Valuation in Expanded IPO

Circle, the organization behind the USDC stablecoin, is pursuing a fully diluted valuation of up to $7.2 billion in its forthcoming initial public offering, as stated in a recent filing with the Securities and Exchange Commission (SEC).

The firm now intends to make available up to 32 million shares, each priced between $27 and $28, an increase from their initial proposal of 24 million shares priced at $24 to $26 when they first filed in May. This adjustment indicates a rising interest from investors in Circle’s operations, and suggests demand may be growing more rapidly than anticipated.

Notably, this interest includes some of the most prominent investors worldwide. Reports from May revealed that BlackRock, the largest asset manager globally, is contemplating acquiring as much as 10% of Circle’s IPO shares. Additionally, Ark Invest, led by Cathie Wood, has expressed an interest in purchasing $150 million worth of stock.

Circle’s IPO arrives at a time when stablecoins are gaining traction in the larger cryptocurrency landscape. Initially perceived as specialized tools primarily for crypto trading, they have become increasingly integrated into decentralized finance (DeFi), remittance services, and even traditional financial frameworks.

Currently, the total market capitalization of all stablecoins is approximately $248 billion, with Tether’s USDT accounting for 62% of that figure at $154 billion, followed by Circle’s USDC with a market cap of $60 billion.