Circle (CRCL) made its highly anticipated debut on the New York Stock Exchange (NYSE) on Thursday, with shares opening at $69 and surging to over $100 at one point, marking a more than 200% increase from the $31 price set the night before.

In its initial public offering, Circle sold approximately 34 million shares, raising $1.1 billion and achieving a valuation of $6.9 billion. This listing comes after previous attempts by the company, including a failed SPAC deal in 2021.

Ark Investment Management, led by Cathie Wood, expressed interest in purchasing up to $150 million worth of Circle shares, while BlackRock also plans to acquire 10% of the shares, as reported by SEC filings and Bloomberg.

Drawing comparisons to Coinbase’s volatile IPO on Nasdaq in 2021, where shares initially traded as high as $430 before dropping to $200 a month later, Circle’s debut was closely watched by investors. Despite this, other crypto-related stocks like Coinbase and MicroStrategy (MSTR) were trading lower on Thursday, along with bitcoin (BTC). Circle’s shares have since stabilized around $80 to $83 per share.

The IPO event occurred amidst a macroeconomic environment filled with uncertainty, with many companies reporting weak outlooks for the next quarter. However, Circle’s core business of issuing the USDC stablecoin has seen increased demand in 2025, partly due to progress in U.S. regulation surrounding stablecoins. Policymakers have been signaling closer steps towards establishing clearer rules, which could help promote and expand the use of stablecoins in mainstream finance.

A recent report by Deutsche Bank predicted that stablecoins are on the brink of becoming mainstream, citing their growing role in digital payments, cross-border settlements, and treasury management, while also reinforcing the dominance of the U.S. dollar globally. Circle’s IPO reflects investor confidence in this shift, betting not just on a crypto company but on stablecoins becoming integral financial infrastructure.

The debut of Circle’s shares on the NYSE signals a significant milestone for the company and the broader crypto industry, showcasing the potential for stablecoins to revolutionize the financial landscape.