Circle Internet Group Inc. and some of its shareholders raised nearly $1.1 billion in an upsized initial public offering at a price that exceeds the market range, indicating that issuers of stablecoins are gaining more recognition.

The firm and its sponsors, including co-founder and CEO Jeremy Aller, sold 34 million shares at $31 each on Wednesday.

At this price, Circle's market cap is $6.9 billion, based on the shares outstanding listed in its filings. Considering stock options for employees, restricted shares, and warrants, the fully diluted value of the company will be about $8.1 billion.

This offering comes against the backdrop of stablecoins, digital tokens that are often pegged to the dollar or another currency, preparing for regulation by legislation currently under consideration in Congress, which could provide them with greater perceived legitimacy. It may also attract competitors, as some of the largest Wall Street banks are jointly exploring the issuance of their own stablecoins.

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