Shares of Circle (CRCL) surged in its first day of trading on the New York Stock Exchange (NYSE), closing at $83 after coming public at $31.

The stock spiked to as high as $104 after the first trades crossed the board at $69.

For traders and analysts alike, though, the focus now shifts to whether the stock can hold its ground in the days and weeks ahead. Coinbase’s 2021 IPO, which was initially hailed as a watershed moment for the crypto industry, offers a cautionary tale. That stock opened at $381 on Nasdaq, briefly climbed to $430, and then slid below $200 within a month.

Circle’s rise comes alongside a modest bump in activity for the stablecoin market. Trading volume for USDC was up 22% over the past 24 hours, while Tether’s USDT — the largest stablecoin by market capitalization — saw its volume climb 13%.

USDC plays a key role in the crypto ecosystem by providing a dollar-pegged token used for trading, lending and remittances. Thursday’s strong showing may reflect investors’ growing appetite for stablecoin infrastructure as traditional and digital finance continue to converge.

Still, speculative hype has a way of evaporating quickly. The coming weeks will test whether Circle can maintain investor confidence or fall victim to the volatility that has defined so many crypto-adjacent stocks.

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