On June 5, 2025, the stablecoin issuer Circle increased its IPO scale from the originally planned 24 million shares to 32 million shares, with the pricing range raised to $27-28 per share, raising a total of $896 million and achieving a valuation of approximately $7.2 billion. This adjustment reduced the cash-out proportion for existing shareholders, with the company's own issuance proportion increasing to 75%, and it received more than 20 times oversubscription from institutions such as BlackRock and JPMorgan. As the second-largest issuer of the stablecoin USDC globally, Circle has become the first stablecoin company to go public in the U.S. stock market by complying with regulations (such as signing a reserve management agreement with BlackRock) and seizing the window of the U.S. 'GENIUS Act.' Its revenue for 2024 is projected to be $1.676 billion, but net profit has decreased to $156 million due to high revenue sharing with platforms like Coinbase.