Investing.com-- Circle Internet is seeing strong demand for its initial public offering, Bloomberg reported on Tuesday, as the stablecoin issuer benefited from improving sentiment around crypto on hopes of friendlier U.S. legislation.

Circle is seeking to raise about $624 million at a valuation of about $6.71 billion, a Securities and Exchange Commission filing on Tuesday showed. The company is offering 9.6 million class A shares, while selling shareholders are offering 14.4 million shares, priced at $24 to $26. .

The company has received orders for multiple times the shares available, Bloomberg reported, citing a person familiar with the matter.

Circle’s IPO represents the company’s second attempt to publicly list, after a $9 billion blank-check deal with a special purpose acquisition vehicle fell through in 2022.

But the company returns to public markets amid improving sentiment towards crypto, especially amid persistent vows of friendlier policy from President Donald Trump.

Circle’s IPO also comes as a stablecoin bill– the GENIUS act– progresses towards passage through Congress. The bill is aimed at establishing a regulatory framework for stablecoins in the United States.

Bitcoin , the world’s largest cryptocurrency, hit a record high last week on optimism over friendlier regulation. This also boosted sentiment towards crypto.

Circle is the issuer of the stablecoin USDC/USD , which has a market capital of over $60 billion and is the second-largest stablecoin after Tether .

Stablecoins are cryptocurrencies pegged to a fiat currency, usually the dollar, and are an integral part of transacting through crypto.