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 Internet Group Inc. co-founder Jeremy Allaire saw his fortune surge to more than $1.7 billion Thursday after the company’s stock almost tripled in its first day of trading.

After pulling out of prior attempts to go public, USDC stablecoin issuer Circle has finally hit the big board. And judging by its opening day, demand was through the roof.Circle saw shares price well above its initial range at $31 and once trading began on the New York Stock Exchange under the ticker CRCL,

Circle opened at $69.50, spiking immediately to a higher range above $103 in the first hour of trading. CRCL shares debuted at a much higher opening price, with a significant premium over the $31 IPO price. USDC remains a slow-spreading, but compliant asset, with multiple use cases as crypto native token, as well as a fintech payment tool.

That jump amounted to a 175% increase, though by mid-day Circle was trading around $89 a share—which values the company close to $23 billion. Circle is a leading U.S. crypto firm that issues the stablecoin USDC.

Shares of fintech firm Circle Internet Group nearly tripled in their debut Thursday on the New York Stock Exchange.

Circle’s CRCL shares begin trading on the NYSE after a $1.05B IPO, marking a major moment for crypto’s integration with traditional finance.

The stock price soared and opened at $69.50, a gain of 124 percent. In afternoon trading, shares traded at $92.68. Circle’s initial public offering is one of the biggest public listings for a crypto-related company in years.