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.

The significant surge in Circle’s first-day trading could prompt institutional investors to set higher IPO prices for upcoming listings. Imminent IPOs include Omada Health, which is pricing on Thursday, and Klarna, a fintech that’s set to list next week.

Circle shares surged Thursday following an IPO valuing the company at almost $7 billion, showing that investors have an appetite to get exposure to the nascent stablecoin economy. Why it matters: The bet is that stablecoins will only get bigger once the U.