#CircleIPO

The New York-based company's stock opened for trading at $69 apiece, valuing the stablecoin issuer at nearly $18 billion, on a fully-diluted basis.

The stock rose as much as $103.75 and was halted multiple times for volatility amid frenetic trading.

The successful flotation is likely to encourage other crypto IPO hopefuls eyeing public markets. Surging interest in digital assets amid rising token prices and supportive regulatory developments is expected to spur more listings from the industry.

"The more crypto companies that go public, the easier it will be for future crypto companies," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.

"The number of deals is important, but so is the variety - having publicly-traded companies across the crypto ecosystem."