Just look at the robust demand for the initial public offering of Circle Internet Group, the leader in the world of stablecoins. Circle, which plans to list 34 million shares on the New York Stock Exchange Thursday under the ticker symbol CRCL,

In its filing with the U.S. Securities and Exchange Commission in April, the company revealed that it had booked $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. Circle also reported net income last year of $156 million, down from $268 million a year earlier.

Circle’s most recent filing with the Securities and Exchange Commission (SEC) showed plans to sell 32 million shares at a range between $27 and $28 apiece. At the high end of that range, the IPO would value the company at roughly $7.2 billion on a fully diluted basis.