The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

USDC issuer Circle's share price is still climbing on its second trading day as it came within pennies of quadrupling its $31 IPO price.

Circle’s reserve income — derived mostly from interest on the Treasuries backing USDC — rose 55.1% to $557.9 million in Q1. But that income stream is expected to drop as interest rates fall. If the Fed cuts rates in the second half of the year, Circle’s primary moneymaker could take a hit.

The U.S.-based issuer of one of the most popular cryptocurrencies made its debut on the New York Stock Exchange on Thursday and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors.

Circle Internet Group, an issuer of stablecoins, is expected to debut on the NYSE this week in a highly anticipated IPO and stock listing.

Due to high demand, the stablecoin issuer increased its IPO from a planned 24 million shares. Circle is now worth anywhere from $6.8 billion to $8 billion on a fully diluted value. The company that powers the USDC stablecoin will start trading today on the New York Stock Exchange under the ticker symbol CRCL.

While Wall Street insiders enjoyed a first day "pop," it appears Circle could have pocketed much more from its debut.

Stablecoin issuer Circle's stock skyrocketed out of the gate, beating the initial public markets performance of tech giants.