The cryptocurrency company, which offers fully backed digital money for rapid global payments around the clock, priced its IPO above the expected range.

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.

Circle Internet Group, an USDC stablecoin issuer, plans a June 5 IPO. Read my analysis about CRCL's market share, revenue model, and valuation.