Circle pushed markets into rally mode on Friday after its shares spiked 48%, extending the chaos it kicked off with a massive NYSE debut the day before.

Stablecoin firm Circle Internet Group is set to go public later Thursday after pricing its initial public offering above the expected range amid strong interest from investors.

The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

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

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 stock price surged on the first day of trading. We explore whether it is a good company to buy for now.

Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like U.S. dollars or gold.

Stable coin issuer Circle Internet Group Inc. is going public Thursday, after its IPO priced above its estimated range and additional shares were sold, as Wall Street throws its weight behind the specialist in global payments and 24/7 financial markets.