Circle raises its IPO size, targets $7.2 billion valuation

Planet Daily News: Stablecoin USDC issuer Circle has raised its IPO plan, intending to issue 32 million Class A common shares at a price of $27 to $28 per share, an increase from the previous plan of 24 million shares with a price range of $24 to $26. Calculated at the upper limit of the price range, Circle's IPO valuation will reach $7.2 billion, with a potential fundraising of up to $896 million. Circle plans to list on the New York Stock Exchange with the stock ticker "CRCL". Previously, the registration document submitted to the U.S. Securities and Exchange Commission on May 27 showed a slightly lower planned valuation. This increase demonstrates strong market investor interest, with institutional support from BlackRock. Circle is the issuer of USDC, the second-largest stablecoin by market value. Although its revenue is not as large as its competitor Tether, Circle achieved a 55.1% growth to $557.9 million in the first quarter of 2025 through U.S. Treasury yields. Standard Bank predicts that the total market value of stablecoins could grow tenfold by the end of 2028. (The Block)