Circle, the issuer of the popular USDC stablecoin, has launched its initial public offering, looking to raise about $624 million at a $5.65 billion valuation.

Circle Internet Group, the firm behind stablecoin USDC, has filed for an initial public offering on the New York Stock Exchange, the firm said on Tuesday. Circle is offering 24 million of its class A shares,

Circle Internet Group, the company behind the USDC stablecoin, said it will offer shares at $24 to $26 each in an initial public offering that would raise as much as $624 million for the company and its backers.