The stablecoin issuer’s IPO arrives as investors brace for more market headwinds and regulatory change while stablecoin demand grows.

Circle Internet Group soared by 29.40 percent on Friday to close at $107.7 apiece, reflecting a continued strong investor confidence during its second day as a publicly listed company. Since its market debut on Thursday, June 5, the company’s share price has already surged by 247 percent from its initial public offering price of $31.

(Reuters) -Circle Internet's shares were set for a strong debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum. The stock was last indicated to trade between $60 and $61 at debut compared with its IPO price of $31.

Stablecoin firm Circle Internet Group is set to go public later Thursday after pricing its initial public offering above the expected range amid strong interest from 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.

Circle pushed markets into rally mode on Friday after its shares spiked 48%, extending the chaos it kicked off with a massive NYSE debut the day before.

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