On June 5, 2023, according to reports from Caixin, Circle, the issuer of the world's second-largest stablecoin USDC, decided to increase the IPO issuance scale for the third time to 34 million shares on the eve of its listing, setting the IPO price at $31. The company also granted underwriters a 30-day option to sell an additional 5.1 million shares at the issuance price.

When Circle submitted its registration documents at the end of May, it planned to issue 24 million shares at a price of $24 - $26 per share, raising $624 million. Subsequently, the company raised the number of public offerings to 26 million shares and then to 32 million shares, with the price range also increasing from $24 - $26 to $27 - $28. After this adjustment, Circle's IPO fundraising scale will reach $1.05 billion, and based on the IPO price, Circle's market value will reach $6.9 billion. If employee options and restricted shares are included, the company's fully diluted valuation will reach $8.06 billion.

The main reason for Circle to expand its IPO scale is the sustained strong demand in the market for its stablecoin USDC, and at the time of stopping subscriptions, this IPO received over 25 times oversubscription. Meanwhile, the U.S. Senate voted last month to pass the stablecoin bill, and the market expects the legislative process for dollar-backed crypto stablecoins to be completed as early as August. This means that a dollar-backed crypto stablecoin system endorsed by the U.S. government is about to take shape, and investors are optimistic about the prospects of the stablecoin market.