Circle Internet Group Inc.’s initial public offering is likely to price above the marketed range, after fielding orders for more than 25 times the number of shares available in the upsized deal, according to people familiar with the matter.

Circle Internet Group Inc and some of its shareholders raised nearly US$1.1bil in an upsized initial public offering (IPO), according to a person familiar with the matter, pricing its shares above a marketed range in a sign that stablecoin issuers are winning greater acceptance.

Circle Internet is betting on wider use of its USDC digital currency, which is redeemable one-for-one with the U.S. dollar.