Stablecoin giant Circle has raised its IPO size for the third time on the eve of its listing, ultimately issuing 34 million shares at $31 each, raising $1.05 billion, far exceeding the initial plan of $624 million. Due to the explosive market subscription (oversubscribed by 25 times), the issuance price was raised by 19% compared to the initial range ($24-26). The company's valuation reached $6.9 billion, exceeding $8 billion fully diluted. Institutions such as BlackRock and ARK Invest participated in the subscription, with ARK planning to invest $150 million. Circle is the issuer of USDC stablecoin, with a projected revenue of $1.9 billion and a net profit of $156 million in 2024, mainly relying on interest income from U.S. Treasury bonds. This IPO is seen as a milestone in the stablecoin industry and may accelerate the implementation of regulatory frameworks.