Circle Upsizes IPO, Targets $7.2B Valuation Amid Stablecoin Momentum

Stablecoin issuer Circle Internet (CRCL) said on Monday that it is seeking a valuation of up to $7.2 billion in its initial public offering, raising its share count and pricing range ahead of its public debut on U.S. markets.

The New York-based company behind the dollar-pegged USDC (USDC) stablecoin now plans to sell 32 million shares at $27 to $28 each, up from the previous plan to offer 24 million shares priced between $24 and $26, according to its latest SEC filing. 

Circle and its existing investors could raise as much as $896 million if the shares are priced at the top of the range.

This announcement follows Circle's disclosure of plans to offer 9.6 million shares of Class A common stock and its signaling of a valuation closer to $6.7 billion in late May.

BlackRock is reportedly planning to acquire a 10% stake in Circle’s offering, which comes amid rising optimism that the U.S. regulatory framework for digital assets is becoming more defined under the Trump administration. Momentum has picked up in Congress, where two major bipartisan proposals are advancing. 

The CLARITY Act, introduced in May, would split crypto oversight between the SEC and the Commodity Futures Trading Commission (CFTC) while also creating a registration system for digital-asset firms.

Meanwhile, the GENIUS Act would establish a comprehensive federal framework for stablecoin regulation. It cleared a key Senate hurdle on May 19 with a 66-32 vote for cloture, allowing the floor debate to proceed. A final Senate vote is scheduled for June.

USDC, the second-largest stablecoin after Tether, is expected to benefit from the passage of the legislation. Stablecoins, which maintain a 1:1 peg to the dollar, are widely used to transfer funds between digital assets. 

Between January 2023 and February 2025, more than $94 billion in stablecoin transactions were settled, according to data from Artemis.

With a market capitalization of $61.1 billion as of Monday, Circle’s USDC represents around 25%  of the stablecoin market.

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