BlackRock Inc. is planning to acquire approximately 10% of the shares offered in Circle Internet Group Inc.'s upcoming initial public offering, according to multiple reports citing people familiar with the matter and a U.S. Securities and Exchange Commission filing. Circle, the issuer of the USDC stablecoin, aims to raise as much as $624 million through the IPO, with the deal set to price on June 4. The offering is expected to include 24 million shares, with 9.6 million newly issued by Circle and 14.4 million sold by existing shareholders, including co-founder and CEO Jeremy Allaire. The shares are expected to be priced between $24 and $26, potentially valuing Circle at up to $6.7 billion. The company plans to list on the New York Stock Exchange under the ticker 'CRCL.' Institutional demand for the IPO is high, with Ark Investment Management, led by Cathie Wood, indicating interest in purchasing up to $150 million in shares. Orders for the offering have reportedly exceeded the number of shares available, making the IPO oversubscribed. BlackRock already manages the Circle Reserve Fund, a government money market fund that holds roughly 90% of the reserves backing USDC. As of May 22, the fund had a balance of $53.5 billion. Circle's USDC is the second-largest US dollar-pegged stablecoin with a $61.3 billion market cap and registered a $10 trillion year-to-date transfer volume as of April 30, 2025. Circle reported $1.67 billion in revenue for 2024, though net income dropped 41%. The Circle Reserve Fund managed by BlackRock reported nearly $30 billion in net assets as of April 2024, and Circle holds $50 billion in BlackRock's money market fund. BlackRock's estimated stake is valued at over $60 million. Circle's IPO comes amid growing political and regulatory support for the cryptocurrency sector in the United States. Pending legislation in Congress would require stablecoins to be backed by cash or government securities, a structure already in place for USDC.