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.

Due to high demand, the stablecoin issuer increased its IPO from a planned 24 million shares. Circle is now worth anywhere from $6.8 billion to $8 billion on a fully diluted value. The company that powers the USDC stablecoin will start trading today on the New York Stock Exchange under the ticker symbol CRCL.

In April, Bloomberg reported that Ripple had made an acquisition offer for Circle valued between $4 billion and $5 billion, which was reportedly rejected as undervalued. Ripple CEO Brad Garlinghouse later disputed the report in a conversation with Georgetown Law professor Chris Brummer.

Circle Internet Group, an issuer of stablecoins, is expected to debut on the NYSE this week in a highly anticipated IPO and stock listing.

While Wall Street insiders enjoyed a first day "pop," it appears Circle could have pocketed much more from its debut.

Circle goes public as stablecoin adoption and regulation hit a key turning point. Can $CRCL prove resilient if interest income becomes less reliable?

BlackRock (NYSE:BLK), the world’s largest asset manager, is planning to acquire approximately 10% of Circle Internet Group’s initial public offering, representing a significant vote of confidence in the stablecoin sector,