$USDC

An American issuer of one of the most popular cryptocurrencies debuted on the New York Stock Exchange on Thursday and quickly saw its value soar amid strong interest from crypto enthusiasts and investors.

Circle Internet Group issues USDC, a stablecoin that can be traded at a rate of 1 to 1 against the US dollar, and EURC, which can also be traded for euros.

Stablecoins are a rapidly growing segment of the cryptocurrency industry that offers a buffer against volatility, as they are pegged to real assets such as US dollars or gold. This makes them a much more reliable means of conducting commercial transactions than other forms of cryptocurrency.

Interest in Circle's initial public offering is high. The company's underwriters priced the offering at $31 per share on Wednesday, above the expected range of $27–28. The number of shares being sold was increased from 32 to 34 million. Circle's shares are listed on the NYSE under the symbol "CRCL".