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 stock (CRCL) exploded higher in its first day of trading on Thursday, rising as much as 200% in afternoon trading after the stablecoin issuer made its long-anticipated public market debut.  Shares were halted for trade more than once during the day due to volatility as the stock rose rapidly after opening at around $69 apiece.

By Arasu Kannagi Basil (Reuters) -Stablecoin issuer Circle Internet's shares more than tripled in their debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum.