Circle, the company behind the $61 billion stablecoin USDC, made a roaring debut on the New York Stock Exchange Thursday, becoming the first stablecoin issuer to go public and making CEO and cofounder Jeremy Allaire a billionaire.

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.

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

Circle stock price surged on the first day of trading. We explore whether it is a good company to buy for now.

Circle opened at $69.50, spiking immediately to a higher range above $103 in the first hour of trading. CRCL shares debuted at a much higher opening price, with a significant premium over the $31 IPO price. USDC remains a slow-spreading, but compliant asset, with multiple use cases as crypto native token, as well as a fintech payment tool.

USDC issuer Circle has started trading on NSYE under the CRCL ticker at more than triple of its $31 IPO price.