#CircleIPO

The pricing gives Circle a market value of $6.9 billion based on the outstanding shares listed in its filings. Accounting for employee stock options, restricted share units and warrants, the company would have a fully diluted valuation of about $8.1 billion.

The offering comes as stablecoins, digital tokens that are often pegged to the dollar or another currency, are poised to be regulated by legislation currently in front of Congress, a development that may confer greater perceived legitimacy on them. It may also draw in competitors, with some of Wall Street’s largest banks jointly exploring whether to issue their own stablecoin, the Wall Street Journal reported last month.

Circle’s USDC had about 29% of the stablecoin market as of the end of March, according to the filing citing data from CoinMarketCap. There is about $61 billion worth of the token in circulation as of May 29, its website shows.

Circle sold 14.8 million shares in the IPO