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 Internet Group Inc. shares surged as much as 235% after the company and some of its shareholders raised nearly $1.1 billion in an initial public offering that was upsized twice amid strong demand.

The cryptocurrency company, which offers fully backed digital money for rapid global payments around the clock, priced its IPO above the expected range.