Stablecoin network Circle Internet Group has officially filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A common stock.

JPMorgan Chase and Citi are reportedly serving as lead underwriters, and the company is seeking a valuation between $4 billion and $5 billion, Fortune reported.

Circle Internet Group Inc. filed publicly for a long-awaited initial public offering, with the stablecoin provider showing steadily increasing revenue.The company, led by Jeremy Allaire, reported net income of $156 million on revenue of $1.