(Bloomberg) -- 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.

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The firm and backers including co-founder and Chief Executive Officer Jeremy Allaire sold 34 million shares Wednesday for $31 each, according to a statement confirming an earlier Bloomberg News report.

The pricing gives Circle a market value of $6.9 billion based on the outstanding shares listed in its filings. Accounting for employee stock options, restricted share units and warrants, the company would have a fully diluted valuation of about $8.1 billion.

The offering comes as stablecoins, digital tokens that are often pegged to the dollar or another currency, are poised to be regulated by legislation currently in front of Congress, a development that may confer greater perceived legitimacy on them. It may also draw in competitors, with some of Wall Street’s largest banks jointly exploring whether to issue their own stablecoin, the Wall Street Journal reported last month.

Circle’s USDC had about 29% of the stablecoin market as of the end of March, according to the filing citing data from CoinMarketCap. There is about $61 billion worth of the token in circulation as of May 29, its website shows.

Circle sold 14.8 million shares in the IPO, while the selling shareholders divested 19.2 million shares, the statement showed. The upsized deal fielded demand for more than 25 times the number of shares available as of when orders stopped being taken on Tuesday, people familiar with the matter have said.

The target for Circle’s IPO was increased on Monday to 32 million shares at $27 to $28 per share, up from the initial 24 million shares within a price range of $24 to $26 each, its earlier filings showed.

ARK Investment Management, the technology-focused firm founded by Cathie Wood, is interested in buying as much as $150 million of shares in Circle’s IPO, according to the filing. BlackRock Inc. plans to acquire about 10% of the IPO shares, people familiar with the matter have said.

BlackRock manages a government money market fund on Circle’s behalf that holds 90% of the reserves backing its USDC stablecoin, according to the filing. The Circle Reserve Fund has a balance of $53.3 billion as of May 29, according to the company’s website.