Circle Targets $7.2 Billion Valuation in IPO Amid Stablecoin Surge

Circle, the issuer of the USDC stablecoin, is targeting a fully diluted valuation of up to $7.2 billion in its upcoming initial public offering (IPO). This information was disclosed in a recent filing with the Securities and Exchange Commission (SEC).

The company has revised its IPO plans, now intending to offer up to 32 million shares priced between $27 and $28 each. This is an increase from the initial plan of offering 24 million shares at $24 to $26 per share, which was filed in May. This adjustment indicates a growing interest from investors in Circle’s business, potentially surpassing initial expectations.

The heightened interest is evident from some of the world’s most influential investors. In May, it was reported that BlackRock, the world’s largest asset manager, is considering purchasing up to 10% of Circle’s IPO shares. Additionally, Ark Invest, the investment firm led by Cathie Wood, has expressed interest in buying $150 million worth of stock.

Circle’s IPO is occurring at a time when stablecoins are gaining significant traction in the broader crypto market. Once seen as niche instruments primarily used for crypto trading, stablecoins are now widely integrated into decentralized finance (DeFi), remittances, and even traditional financial systems.

The total market capitalization of all stablecoins currently stands at $248 billion. Tether’s USDT dominates the market with a 62% share, valued at $154 billion, followed by Circle’s USDC at $60 billion.