Quick overview

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Circle raised approximately $1.11 billion through an expanded initial public offering (IPO)  priced above the stated range.

The company and its investors, including co-founder and CEO Jeremy Allaire, sold 34 million shares on Wednesday for $31 each, confirming a previous Bloomberg News report.

Circle’s market valuation is worth $6.9 billion, based on its share price and the number of outstanding shares reported in its filings. When including warrants, employee stock options, and restricted share units, the company’s fully diluted value is approximately $8.1 billion.

The offering coincides with legislation currently before Congress that could regulate stablecoins, digital assets pegged to the dollar or another currency. This development may provide stablecoins with greater perceived legitimacy.

According to a Wall Street Journal article from last month, some of the largest banks on Wall Street are collaborating to explore the potential of launching their stablecoin, which could attract competitors. Based on data from CoinMarketCap, the filing indicates that as of the end of March, Circle’s USDC accounted for approximately 29% of the stablecoin market..The token’s website shows that it was worth about $61 billion.

The shareholders offered 19.2 million shares during the IPO, while Circle sold 14.8 million shares.

Demand for the increased offering exceeded the number of shares available by more than 25 times when orders closed on Tuesday. Circle aimed to raise its IPO price.