Shares of Circle surged after its debut as a public company, but the crypto player may face headwinds if the Federal Reserve cuts interest rates further this year.

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.

(Reuters) -Circle Internet's shares were set for a strong debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum. The stock was last indicated to trade between $60 and $61 at debut compared with its IPO price of $31.

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

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.

This week’s blockbuster IPO of Circle, a leading issuer of stablecoins, shows how crypto is increasingly going mainstream. Here’s how to invest.

While Wall Street insiders enjoyed a first day "pop," it appears Circle could have pocketed much more from its debut.