Circle Internet Corp. (CRCL), the issuer of the USDC stablecoin, saw its shares skyrocket 115.32% in its New York Stock Exchange debut on Thursday. The dramatic surge reflects robust investor demand for exposure to the rapidly growing stablecoin market and marks a significant milestone for the cryptocurrency industry.

Circle's initial public offering (IPO) was met with overwhelming enthusiasm, pricing at $31 per share, well above the initially expected range of $24 to $26. The offering was reportedly oversubscribed by 25 times, highlighting the strong appetite for crypto-related stocks. This fervent demand carried over into the first day of trading, pushing Circle's valuation to approximately $15 billion.

The company's successful debut comes amid growing regulatory support for stablecoins, particularly in the United States. The recent advancement of the GENIUS Act, a landmark stablecoin regulation bill, has boosted confidence in the sector's future. Circle's CEO, Jeremy Allaire, emphasized the significance of the IPO, stating, "Our mission is to enhance global economic growth through frictionless value exchange, which is a significant milestone in the irreversible integration of the global economic system with the Internet."

Analysts are optimistic about Circle's growth prospects, with some predicting its stablecoin market share could expand from 28% to 40% in the coming years. The surge in Circle's stock price also reflects broader enthusiasm for cryptocurrencies, with Bitcoin having risen more than 35% since early April. As the stablecoin market continues to evolve, Circle's strong market debut may pave the way for more crypto-related IPOs and further mainstream adoption of digital assets.