Blockchain lender Figure surged 40% in trading debut.

Stablecoin issuer Figure Technology, along with some of its existing investors, raised $787.5 million in a U.S. initial public offering on Wednesday, becoming the latest crypto firm to tap public markets as digital assets gain mainstream acceptance.

A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and inflows from exchange-traded funds have spurred listings from the sector, which recently surpassed a market value of $4 trillion.

The New York-based company and certain existing investors sold 31.5 million shares at $25 each, above its previously increased range of $20 to $22 apiece. The IPO valued Figure at $5.29 billion.

Figure also raised the number of shares offered to 31.5 million from 26 million on Tuesday.

Goldman Sachs, Jefferies and BofA Securities were the lead underwriters of the IPO.

Founded in 2018, Figure leverages blockchain technology to connect lenders and borrowers of home loans.

The company, according to its IPO paperwork, funds home equity loans in just 10 days, compared to the industry average of 42 days.

Billionaire investor Stanley Druckenmiller's Duquesne Family Office had indicated interest in buying up to $50 million worth of shares from Figure's offering.

Separately, Swedish fintech firm Klarna's shares jumped 30% in their long-awaited debut earlier in the day, signaling a strong rebound in the U.S. IPO market this fall, as record-high equity valuations and growing expectations of an interest rate cut boost investor sentiment.

Crypto exchange Gemini, transit tech Via, and coffee chain Black Rock Coffee are also lined up to price their IPOs on Thursday.