Circle Internet Group, issuer of the USDC stablecoin, made a strong debut on the New York Stock Exchange on Thursday, with its shares soaring 124% in early trade amid heightened interest from crypto investors.Listed under the ticker symbol “CRCL,” Circle’s shares opened at $69.50, well above the IPO price of $31, and climbed further to $92.68 in afternoon trading. The stock offering marks one of the biggest public listings by a cryptocurrency-related company since Coinbase went public in 2021.According to the Associated Press, the company raised the number of shares in its initial public offering from 32 million to 34 million as demand surged. The IPO price had also been revised upward from the expected $27–$28 range to $31 per share.Circle issues USDC, a stablecoin pegged 1-to-1 to the US dollar, and EURC, which is similarly pegged to the euro. Stablecoins are designed to offer greater price stability than other cryptocurrencies by being backed by real-world assets such as fiat currency or government securities, making them more viable for commercial use.The company said in a regulatory filing that USDC has facilitated over $25 trillion in on-chain transactions since its launch in 2018. USDC is currently the second-largest stablecoin by market cap, with around $60 billion in circulation. The market leader remains Tether’s USDT, issued from El Salvador, with approximately $150 billion in circulation.Circle’s revenue has grown rapidly, from just $15 million in 2020 to $1.7 billion in 2024. The firm generates income primarily through interest earned on the assets held to back its stablecoins. These reserves include cash, short-dated US Treasuries, and overnight Treasury repurchase agreements with global banks.The IPO comes at a time when the Trump administration and the crypto sector are backing legislation aimed at regulating stablecoin issuers in the US. A Senate bill addressing this framework advanced last month with bipartisan support.Meanwhile, the competition in the space is intensifying. A new stablecoin called USD1 was recently launched by a crypto venture partly owned by the Trump family.Despite the crowded field, Circle is positioning itself as a trusted and transparent player. “Our mission is to raise global economic prosperity through the frictionless exchange of value,” the company stated in its filings, citing its long operational history and adherence to strong governance practices.