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.

FOMO helped drive up shares of crypto firm Circle in their stock-market debut. The stablecoin issuer’s stock jumped Thursday, with the company basking in the Trump administration’s embrace of the crypto industry.

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.

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.

Circle Internet Group Inc. (NYSE: CRCL), the crypto company behind the USDC stablecoin, continued its meteoric rise on June 6. At press time, CRCL is priced at $115, up by over 25% in the last 24 hours, briefly touching $100.

The significant surge in Circle’s first-day trading could prompt institutional investors to set higher IPO prices for upcoming listings. Imminent IPOs include Omada Health, which is pricing on Thursday, and Klarna, a fintech that’s set to list next week.

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’s IPO highlights crypto’s mainstream shift, with USDC driving revenue and new fintech services expanding its reach. Read why CRCL stock is a hold.

Circle Internet Group issues USDC, a stablecoin that can be traded at a one-to-one ratio for US dollars, and EURC, which can similarly be traded for euros.