Wall Street’s ETF machine kicked into high gear just hours after Circle Internet Group Inc. went public, riding the frenzied initial public offering of the stablecoin giant as crypto technologies enter mainstream finance.

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 company aims to capitalize on renewed enthusiasm for digital assets driven by pro-crypto policy signals from the Trump administration and follows last week's IPO of stablecoin issuer Circle (CRCL), whose shares soared 168% on the first day of trading.

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The Bullish exchange, backed by Peter Thiel, has confidentially filed with the SEC to go public, according to the Financial Times.

Brad Garlinghouse, CEO of crypto company Ripple Labs, stated at the Apex 2025 conference that he remains bullish on stablecoins – a sentiment he said is reinforced by the recent blockbuster Circle CRCL initial public offering (IPO).

Circle priced its initial public offering (IPO) on Wednesday at $31 per share, above the expected range of $24 to $26. The company sold around 34 million shares in the offering for a valuation of $1.1 billion. Bloomberg pegs the total amount raised in the IPO at $6.9 billion.

Circle joins Coinbase, Mara Holdings and Riot Platforms as one of the few pure-play crypto companies to list in the U.S.

Circle Internet Group Inc. and some of its shareholders raised nearly $1.1 billion in an upsized initial public offering that was priced above a marketed range, in a sign that stablecoin issuers are winning greater acceptance.

Stablecoin issuer Circle Internet's shares more than doubled in their debut on the New York Stock Exchange on Thursday, firing up the IPO market that has struggled to regain momentum.

The oversubscribed raise follows stablecoin issuer Circle’s massive IPO last week, underscoring investor appetite for stablecoin-related projects.