Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, has announced plans for an initial public offering (IPO) in the United States. The firm aims to raise up to $896 million by offering 32 million shares priced between $27 and $28 each, targeting a fully diluted valuation of approximately $7.2 billion.

This move reflects strong investor interest in cryptocurrency enterprises, especially under the current U.S. administration's supportive stance toward digital assets. Circle's USDC is the world's second-largest stablecoin, designed to maintain a 1:1 peg with the U.S. dollar, facilitating seamless transactions in the crypto market. 

In the first quarter ending March 31, Circle reported a 55.1% year-over-year increase in reserve income, reaching $557.9 million. However, the company's distribution and transaction costs also rose by 68.2% during the same period. USDC is primarily distributed through partnerships with platforms like Coinbase and other third-party distributors. 

The IPO is being underwritten by major financial institutions, including J.P. Morgan, Citigroup, and Goldman Sachs. Circle plans to list its shares on the New York Stock Exchange under the ticker symbol "CRCL" later this week. 

This public offering marks a significant milestone for Circle and highlights the growing integration of cryptocurrency firms into mainstream financial markets.