The trading price of Circle Internet Financial's privately held shares in the secondary market implies that the stablecoin issuer is valued at $5 billion to $5.25 billion ahead of its planned initial public offering, according to people familiar with the matter. The company, issuer of the stablecoin USDC, was once valued at $9 billion when it attempted to go public through a merger with Concord Acquisition Corp. in 2022. People familiar with the matter said the company is not allowed to trade below a valuation of $5 billion. (Coindesk)