Stablecoin Firm Circle’s IPO Raises $1.1 Billion in Upsized Deal

Circle Internet Group Inc. and some of its shareholders raised nearly $1.1 billion in an upsized initial public offering that was priced above a marketed range, in a sign that stablecoin issuers are winning greater acceptance.

The firm and backers including co-founder and Chief Executive Officer Jeremy Allaire sold 34 million shares Wednesday for $31 each, according to a statement confirming an earlier Bloomberg News report.

The pricing gives Circle a market value of $6.9 billion based on the outstanding shares listed in its filings. Accounting for employee stock options, restricted share units and warrants, the company would have a ...