The stablecoin issuer is offering 32 million shares at the range of $27 to $28 per share, up from 24 million shares at a range of $24 to $26 each.
Circle is set to raise $896 million in the offering, Bloomberg said. The IPO is expected to price on Wednesday evening, the report added, citing people familiar with the matter who asked not to be named.
Bloomberg noted at that the top of the price range, Circle would have an approximate market value of nearly $6.2 billion.
Circle is launching its IPO in a bet that becoming a public company will give it more credibility as it competes against a pool of opaque cryptocurrency firms, PYMNTS wrote May 27.
“By going public, Circle will subject itself to the scrutiny of U.S. securities laws, quarterly earnings reports and regulatory disclosures, all elements designed to engender trust from risk-averse enterprises, banks and governments,” that report said. “The company’s goal for its IPO is to position itself favorably to become the financial utility layer of the internet.”
The stablecoin issuer is also competing with legacy firms and other FinTechs, such as PayPal and Tether, as stablecoins gain acceptance the mainstream financial world.
Stablecoin market capitalization reached an all-time high in April, growing by 2.12% and attaining 19 consecutive months of gains. Consequently, the stablecoin market cap reached $238 billion, PYMNTS reported May 2. The market cap of non-dollar fiat stablecoins climbed 30% in April and reached $533 million, due to the volatility of the U.S. dollar during the tariff disputes.
Among the top 10 stablecoins, the market cap of Tether (USDT) rose 2.26% to $148 billion, the market cap of USD Coin (USDC) rose 3.07% to reach its all-time high of $62.1 billion, and the market cap of First Digital Labs’ FDUSD dropped 46.2% to $1.25 billion after the stablecoin’s price lost its parity on April 2.
