Circle Internet said on Tuesday it was targeting a valuation of up to $6.71 billion on a fully diluted basis in its U.S. initial public offering, as the stablecoin giant looks to tap into growing optimism around cryptocurrency.

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.

It would have a fully diluted valuation at that price of about $6.7 billion, accounting for stock options and restricted share units, the calculations show.Such a valuation would be a significant cut from Circle’s past figures.