Just look at the robust demand for the initial public offering of Circle Internet Group, the leader in the world of stablecoins. The stock, which more than doubled in its first few minutes of trading before being halted three times,

Circle stock rose as much as 235% in its first day as a public company. The stablecoin market is having a moment, also getting attention from lawmakers.

The euphoric action harkens back to the 2021 Coinbase IPO, which didn't end well for those who piled in near the high.