The stablecoin issuer’s IPO arrives as investors brace for more market headwinds and regulatory change while stablecoin demand grows.

(Reuters) -Circle Internet's shares were set for a strong debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum. The stock was last indicated to trade between $60 and $61 at debut compared with its IPO price of $31.

Stablecoin firm Circle Internet Group is set to go public later Thursday after pricing its initial public offering above the expected range amid strong interest from investors.

Circle pushed markets into rally mode on Friday after its shares spiked 48%, extending the chaos it kicked off with a massive NYSE debut the day before.

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.