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

The race to embrace stablecoins is heating up, with major issuer Circle (CRCL) soaring in its first days of trading while the biggest banks in the US explore how to compete with Circle by issuing their own coins.

Circle’s stock price soared alongside its IPO, capturing Wall Street’s growing embrace of digital dollars for years to come, analysts say.