The U.S.-based issuer of one of the most popular cryptocurrencies made its debut on the New York Stock Exchange on Thursday and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors.

Circle, the company behind the $61 billion stablecoin USDC, made a roaring debut on the New York Stock Exchange Thursday, becoming the first stablecoin issuer to go public and making CEO and cofounder Jeremy Allaire a billionaire.

The market for initial public offerings seems to be improving after the stock selloff linked to tariff concerns in early April. Shares in Voyager Technologies rose sharply in their debut on the New York Stock Exchange on Tuesday.

Circle, the issuer of one of the biggest stablecoins, priced its IPO at $31, above its expected range and giving it a market value of $6.8 billion.

Just look at the robust demand for the initial public offering of Circle Internet Group, the leader in the world of stablecoins. Circle, which plans to list 34 million shares on the New York Stock Exchange Thursday under the ticker symbol CRCL,

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

The euphoric action harkens back to the 2021 Coinbase IPO, which didn't end well for those who piled in near the high.

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

The stock price soared and opened at $69.50, a gain of 124 percent. In afternoon trading, shares traded at $92.68. Circle’s initial public offering is one of the biggest public listings for a crypto-related company in years.