Jeremy Allaire, CEO of Circle, at the Token2049 conference in Singapore in Sept. 2024. Photographer: Suhaimi Abdullah/Bloomberg

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. Shares surged as much as 235% after Circle and some of its shareholders raised nearly $1.1 billion in an initial public offering that was upsized twice amid heavy investor demand.

The stock opened at $69, more than double its IPO price of $31, and climbed as high as $103.75. The offering included 34 million shares from Circle and other shareholders including Allaire, up from the 32 million shares announced earlier this week and 24 million initially. The IPO was priced well above its initial $24–$26 range and even its revised $27–$28.

Based on Circle’s 2 P.M. stock price of $86, Forbes figures Allaire has a net worth of at least $1.7 billion. A representative for Circle has not yet responded to a request for comment about Allaire's net worth.

BlackRock, already an investor,........

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