Circle saw shares price well above its initial range at $31 and once trading began on the New York Stock Exchange under the ticker CRCL, shares opened at $69, more than doubling o

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.

Circle opened at $69.50, spiking immediately to a higher range above $103 in the first hour of trading. CRCL shares debuted at a much higher opening price, with a significant premium over the $31 IPO price. USDC remains a slow-spreading, but compliant asset, with multiple use cases as crypto native token, as well as a fintech payment tool.