Circle, the USDC Stablecoin Issuer, Secures $1.1B in Initial Public Offering

Circle, the company behind the USDC stablecoin, has secured $1.1 billion in its IPO, exceeding initial expectations. The IPO of the stablecoin issuer attracted demand for more than 25 times the number of shares available, pushing the likely price above the marketed range.

The latest SEC filing showed that Circle and its backers had planned to raise $896 million. The company offered 32 million shares, an increase from the initially planned 24 million shares. Major investors, including ARK Investment Management and BlackRock, have shown interest in the IPO.

The development takes place amidst Congress reviewing legislation on stablecoins, which if enacted, would provide the sector with more legitimacy and encourage institutional adoption.