Shares in stablecoin issuer Circle soared by more than 150% on its New York Stock Exchange debut.
Circle's price jumped from its $31 IPO pricing to close to $100 before settling back to around $80 by 3:00pm EST on Thursday, up around 160%.
The company, which issues the world's second largest stablecoin, USDC, raised $1.1 billion at a $6.9 billion valuation through the sale of 34 million shares.
Circle has benefited from the increasingly favourable regulatory regime under President Trump's administration. A recent report from Citi predicted that the total outstanding supply of stablecoins could grow from $230 billion to anything from $1.6 trillion to $3.7 trillion by 2030.
It's a remarkable turnaround for the company, which has survived numerous challenges, including the SVB crisis and collapse of Silvergate, which almost broke the company. A previous attempt at going public via a Spac merger fell apart in 2022 due to numerous regulatory challenges.