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.

Circle, led by Jeremy Allaire, has been chasing a public listing since at least 2021 when the company, then based in Boston, announced a blank-check company merger that was later scrapped.

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.