Circle, a stablecoin issuer, experienced a significant surge in its shares after launching an upsized IPO, raising $1.1 billion and valuing the company at $6.8 billion. Shares initially traded at $69.50 before quickly climbing into the $80 range, following an initial offering price of $31—above the anticipated range of $27 to $28. The company sold 34 million shares, exceeding its original plan. Circle, founded in 2013, has received around $1.1 billion from investors and controls about 27% of the global stablecoin market with its USD Coin, making it the second-largest issuer behind Tether (USDT). The successful IPO may signal a thawing of the market for other VC-backed offerings, with several fintech companies, including Chime and Omada, preparing for public launches. Despite the upsized offering, Circle's valuation fell below its last private valuation of $9 billion, reflecting a broader trend of valuation resets among well-funded tech companies, as evidenced by Chime experiencing a 50% drop compared to its last funding round valuation.

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