Major investors signaled confidence in the offering. ARK Invest showed interest in purchasing up to $150m in shares, while BlackRock is expected to acquire roughly 10% of the IPO allocation. BlackRock also manages the Circle Reserve Fund, a government money market fund holding 90% of USDC’s reserves, valued at $53.3b as of this week.

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.