Circle Internet said on Monday it was targeting a valuation of up to $7.2 billion on a fully diluted basis in its upsized U.S. initial public offering, underscoring growing momentum in the stablecoin market.

Circle Internet Group, the issuer of the USDC stablecoin, upsized the price and range of its initial public offering in a filing with the Securities and Exchange Commission on Monday. Circle said it plans to sell 32 million shares in an IPO at a price range of $27 to $28 a share.

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.