$USDC Circle soars 167% after IPO, closing at $83 on the first day of trading

The euphoric stock returns to the 2021 Coinbase IPO, which did not end well for those who piled in at the peak.

Shares soared to $104 after the first trades crossed the board at $69.

However, for both traders and analysts, the focus now shifts to whether the stock can hold its positions in the coming days and weeks. The 2021 Coinbase IPO, which was initially heralded as a watershed moment for the crypto industry, offers a cautionary tale. Those shares opened at $381 on Nasdaq, briefly rose to $430, and then fell below $200 within a month.

Circle's rise is accompanied by a slight surge in activity in the stablecoin market. Trading volume for USDC increased by 22% over the last 24 hours, while USDT Tether - the largest stablecoin by market capitalization - rose by 13%.

USDC plays a key role in the crypto ecosystem, providing a dollar-pegged token used for trading, lending, and remittances.