That jump amounted to a 175% increase, though by mid-day Circle was trading around $89 a share—which values the company close to $23 billion. Circle is a leading U.S. crypto firm that issues the stablecoin USDC.

Circle stock rose as much as 235% in its first day as a public company. The stablecoin market is having a moment, also getting attention from lawmakers.

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.