On June 5, Circle made a strong debut on the New York Stock Exchange with its stock price soaring 167% on its first trading day. The shares started at $31, peaked at 235% during the day, and ultimately closed at $82. The significant gain followed an oversubscribed IPO that raised $1.05 billion, spurred by considerable investor interest, including major backing from firms like BlackRock and ARK Investment. However, the IPO faced criticism from Jeff Dorman, Chief Investment Officer at Arca, who expressed dissatisfaction over the small allocation given to Arca, highlighting their longstanding support for Circle. Despite the tension, Circle's performance signifies a strong market demand for stablecoins and the role of USDC as a prominent dollar-pegged stablecoin in the crypto ecosystem.

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