The price of Circle Internet Financial's privately held shares, which are trading on the secondary market, means the stablecoin issuer is valued at $5 billion to $5.25 billion ahead of a planned initial public offering. The sellers are early investors or Circle employees who have pulled out for liquidity reasons, one of the people said. Employees usually have the opportunity to cash out their stock options before the company goes public. The company does not allow trading below the $5 billion valuation, two of the people said.