Circle IPO hits $1.1 billion as the firm sells shares above marketed range: report

Circle Internet Group, the stablecoin issuer behind USDC, exceeded what it expected to raise in an upsized initial public offering (IPO) on Wednesday. 

Circle and its backers, including the firm's CEO Jeremy Allaire, sold 34 million shares at about $31 each to net the firm about $1.1 billion, reports Bloomberg citing an anonymous source. As a result, the firm could have a market value of $6.9 billion and a fully diluted value of $8.1 billion.

Just two days ago, Circle sought to sell 32 million shares at about $27 to $28 each to net $896 million at a $7.2 billion valuation, an increase from the $600 million it initially expected to raise at a $5 billion valuation .

Circle issues the second-largest stablecoin, USDC, which has a $60.9 billion market cap, The Block's data dashboard shows. 

As stablecoin adoption continues to grow — with total stablecoin supply nearing the $25o billion mark — United States legislators aim to overhaul oversight of the sector through the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which recently advanced to the Senate.

The Block reached out to Circle for comment.