(Reuters) -Crypto firm Circle Internet said on Monday it was targeting a valuation of up to $7.2 billion on a fully diluted basis in its upsized initial public offering in the United States, underscoring growing momentum in the stablecoin market.

Circle now forecasts that its stock will go for as much as $28 a share on Wall Street—a sign of increased investor interest in the stablecoin issuer's offering.

Circle Internet said on Monday it was targeting a valuation of up to $7.2 billion on a fully diluted basis in its upsized U.S. initial public offering, underscoring growing momentum in the stablecoin market.