USDC stablecoin issuer Circle Internet Group made a powerful and successful public stock debut. The listing is seen as a key step for integrating stablecoins into the global financial system.

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

Circle Internet said on Monday it was targeting a valuation of up to $7.2 billion on a fully diluted basis in its upsized U.S. initial public offering, underscoring growing momentum in the stablecoin market.