Circle (CRCL, Financials) soared 168% on its first day of trading Thursday after the stablecoin issuer priced its long-anticipated initial public offering at $31 per share. The stock opened near $69 and closed at $83.

Trading under the ticker "CRCL," shares of the USDC stablecoin issuer opened at $69 after the upsized initial public offering (IPO) priced Wednesday at $31, above its expected range of $27 to $28. The shares finished at $83.23, rising almost as high as $104 in intraday trading.

Circle Internet Group, the company that issues the USDC stablecoin, is planning to go public, it said on May 27. The firm has filed for an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol "CRCL." The IPO price is expected to be $24-$26 a share.