Circle Internet Group, the US-based issuer of the stablecoin "USDC," has completed approximately $1.1 billion in funding through its initial public offering (IPO). This significantly exceeded the initially planned $896 million, with applications flooding in at over 25 times the expected demand.

The company and existing shareholders sold 34 million shares at $31 per share, with the price determined above the initial expected range of $27-28. This fundraising is expected to bring the company's market capitalization to $6.9 billion and its fully diluted valuation to $8.1 billion. Trading is scheduled to begin on the New York Stock Exchange under the ticker symbol "CRCL."

JPMorgan Chase, Citigroup, and Goldman Sachs served as lead underwriters, with priority given to allocating shares to long-term oriented investors. ARK Investment Management, led by Cathie Wood, has shown interest in acquiring up to $150 million, while BlackRock has expressed interest in acquiring approximately 10% of the IPO shares.

According to IPO documents, Circle's USDC holds a 29% share of the stablecoin market as of the end of March, boasting a market capitalization of $60.9 billion and ranking as the second-largest in the industry. This IPO comes at a time when US Congress is deliberating stablecoin regulatory legislation, with expectations that regulatory clarity will enhance market legitimacy and intensify competition in the sector.