Due to high demand, the stablecoin issuer increased its IPO from a planned 24 million shares. Circle is now worth anywhere from $6.8 billion to $8 billion on a fully diluted value. The company that powers the USDC stablecoin will start trading today on the New York Stock Exchange under the ticker symbol CRCL.

The cryptocurrency company, which offers fully backed digital money for rapid global payments around the clock, priced its IPO above the expected range.

The significant surge in Circle’s first-day trading could prompt institutional investors to set higher IPO prices for upcoming listings. Imminent IPOs include Omada Health, which is pricing on Thursday, and Klarna, a fintech that’s set to list next week.

Circle Internet Group Inc.’s white-hot debut on Thursday gives the US IPO market a crypto-fuelled shot of adrenalin that could encourage more listings by would-be debutantes — in the digital assets space and beyond.

Circle’s reserve income — derived mostly from interest on the Treasuries backing USDC — rose 55.1% to $557.9 million in Q1. But that income stream is expected to drop as interest rates fall. If the Fed cuts rates in the second half of the year, Circle’s primary moneymaker could take a hit.

The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

Shares of stablecoin issuer Circle Internet Group Inc. stayed hot in its second session of trading on Friday and helped sparked gains in stocks in other cryptocurrency-related companies.

Stablecoin firm Circle Internet Group is set to go public later Thursday after pricing its initial public offering above the expected range amid strong interest from investors.