Shares of Circle surged after its debut as a public company, but the crypto player may face headwinds if the Federal Reserve cuts interest rates further this year.

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 Internet on Wednesday priced its upsized U.S. initial public offering at $31 apiece, raising $1.05 billion, adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets.

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.

Stablecoin issuer Circle Internet's shares climbed 48% on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier.

Circle stock rose as much as 235% in its first day as a public company. The stablecoin market is having a moment, also getting attention from lawmakers.