Circle, the issuer of the USDC stablecoin, is aiming for a fully diluted valuation of up to $7.2 billion in its upcoming initial public offering, according to a Monday filing with the Securities and Exchange Commission (SEC).

The company now plans to offer up to 32 million shares priced between $27 and $28 each, up from 24 million shares at $24 to $26 when it first filed in May. The move suggests investor interest in Circle’s business is growing, and possibly heating up faster than expected.

That interest appears to be coming from some of the world’s most influential investors. In May, it was reported that BlackRock, the world’s largest asset manager, is considering purchasing up to 10% of Circle’s IPO shares, according to people familiar with the matter. Ark Invest, the investment firm led by Cathie Wood, has also signaled intent to buy $150 million worth of stock.

Circle’s IPO comes as stablecoins are having a moment in the broader crypto market. Once considered niche instruments mostly used for crypto trading, they are now widely integrated into decentralized finance (DeFi), remittances and even traditional finance rails.

The total market cap of all stablecoins now stands at $248 billion, with Tether’s USDT making up 62% of the market at $154 billion, followed by Circle’s USDC at $60 billion, according to DeFiLlama.

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