Stablecoin issuer Circle Internet Group may price its upcoming initial public offering (IPO) well above its marketed range after demand from investors far outpaced supply, according to Bloomberg.

The company has reportedly received orders for more than 25 times the number of shares available in the offering. Circle is expected to finalize its pricing following U.S. market hours on Wednesday.

Circle’s most recent filing with the Securities and Exchange Commission (SEC) showed plans to sell 32 million shares at a range between $27 and $28 apiece. At the high end of that range, the IPO would value the company at roughly $7.2 billion on a fully diluted basis.

Investors placing orders could include major institutions such as BlackRock and Ark Invest. Allocations will favor buyers who plan to hold the stock over the long term, according to the report.

The outsized interest signals strong demand for exposure to crypto-related firms, even as the industry navigates an evolving regulatory landscape. Circle, best known for issuing the USDC stablecoin, plays a critical role in the blockchain-based payments and finance infrastructure.

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