Circle Internet Group (CRCL), the issuer of the popular USDC stablecoin, saw its shares plummet 5.08% in after-hours trading on Thursday, following a spectacular debut on the New York Stock Exchange earlier in the day.

The stablecoin giant had priced its initial public offering at $31 per share on Wednesday, raising nearly $1.1 billion. When trading began on Thursday, Circle's stock opened at $69, more than doubling its IPO price. The shares continued to surge throughout the day, at one point reaching as high as $103.75 before settling at $82.88 at market close, marking a 167% gain from its IPO price.

The IPO's success reflected strong investor interest in Circle and the growing stablecoin market. Circle's USDC is the second-largest stablecoin by market capitalization, with over $61 billion in circulation. The company's public debut came amid increasing regulatory clarity for stablecoins in the United States, with Congress working on legislation to provide a framework for the industry.

However, the after-hours decline suggests some investors may be taking profits after the initial surge or reassessing the company's valuation. At its closing price, Circle had a market capitalization of about $18.3 billion, which some analysts may view as stretched given the company's 2024 revenue of $1.68 billion.

Despite the after-hours drop, Circle's successful IPO marks a significant milestone for the cryptocurrency industry, potentially paving the way for more crypto-related companies to go public. The market's reaction in the coming days will be closely watched by investors and industry observers alike.