Shares of Circle surged after its debut as a public company, but the crypto player may face headwinds if the Federal Reserve cuts interest rates further this year.

Circle Internet Group’s share price continues to increase, rising on Friday as much as 25% from its previous close, a day after the stablecoin issuer’s more than doubled from the IPO price.

The successful debuts of Circle and CoreWeave could lead to more unicorns going public. Keep an eye on fintech Chime and defense firm Voyager.

Stablecoin issuer Circle Internet's shares climbed 48% on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier.

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 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.