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, the issuer behind USDC, the world’s seventh-largest cryptocurrency, is navigating a pivotal moment as it pushes ahead with plans for an IPO, even as acquisition rumors swirl around potential suitors like Coinbase and Ripple.

Circle Internet Group, the company behind the USDC stablecoin, said it will offer shares at $24 to $26 each in an initial public offering that would raise as much as $624 million for the company and its backers.