Privately held shares of Circle Internet Financial are trading on secondary markets at prices that imply a valuation of $5 billion to $5.25 billion for the stablecoin issuer ahead of its planned initial public offering, BlockBeats reported.

The sellers were early investors or Circle employees who were exiting for liquidity reasons, one of the people said. Employees typically have the opportunity to cash in their stock options before a company goes public.

The company won’t allow deals below a $5 billion valuation, two of the people said.