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.

Key Takeaways Circle, the company behind the USDC stablecoin, said it plans to sell shares at $24 to $26 each in its IPO.The move would raise as much as $624 million for the company and its backers.Circle's USD Coin is a stablecoin,

Circle Internet said on Tuesday it was targeting a valuation of up to $6.71 billion on a fully diluted basis in its U.S. initial public offering, as the stablecoin giant looks to tap into growing optimism around cryptocurrency.