Cryptocurrency firm Circle Internet is targeting a valuation of up to $7.2 billion in its expanded initial public offering in the United States, signaling renewed investor enthusiasm in the stablecoin market.

The upsized IPO, announced Monday, comes as the industry anticipates friendlier regulatory policies under President Donald Trump, who has voiced support for the crypto sector and is linked to several digital asset initiatives.

New York-based Circle, the issuer of the USDC stablecoin, and its existing shareholders are now aiming to raise as much as $896 million through the sale of 32 million shares priced between $27 and $28 each. This marks an increase from their previous plan to offer 24 million shares at a range of \$24 to \$26.

USDC, a dollar-backed stablecoin and the second-largest of its kind globally, is expected to gain further traction if a long-awaited stablecoin regulatory bill passes—potentially accelerating institutional adoption.

Circle’s core revenue stream—interest earned from U.S. Treasury holdings that back USDC—rose sharply in the first quarter of 2025, climbing 55.1% year-over-year to $557.9 million. However, the company also saw its distribution and transaction costs jump 68.2% during the same period, surpassing revenue growth. Circle distributes USDC primarily through its key partner Coinbase and other third-party platforms.

Stablecoins, which are designed to maintain a stable value typically pegged to the U.S. dollar, play a crucial role in facilitating liquidity within the crypto trading ecosystem.

J.P. Morgan, Citigroup, and Goldman Sachs are acting as lead underwriters for the IPO. Circle is expected to begin trading on the New York Stock Exchange later this week under the ticker symbol “CRCL.”