Circle stock rose as much as 235% in its first day as a public company. The stablecoin market is having a moment, also getting attention from lawmakers.

Circle Internet Group Inc. had one of the splashiest debuts in years, with shares surging 168% after the company and some of its shareholders raised nearly $1.1 billion in an upsized initial public offering.

The stablecoin issuer’s IPO arrives as investors brace for more market headwinds and regulatory change while stablecoin demand grows.

Circle’s IPO highlights crypto’s mainstream shift, with USDC driving revenue and new fintech services expanding its reach. Read why CRCL stock is a hold.

(Reuters) -Stablecoin issuer Circle Internet's shares climbed 41% to hit a record high on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier. The New York-based company's stock touched as much as $117.

Wider stablecoin adoption, plus smaller partner payments, could offset pressure from lower returns on cash.

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

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