Circle Internet is betting on wider use of its USDC digital currency, which is redeemable one-for-one with the U.S. dollar.

Circle started trading publicly on the New York Stock Exchange Thursday under the ticker CRCL, pricing its initial public offering at $31 per share. The company sold 34 million shares, raising $1.05 billion,

Circle stock rose as much as 235% in its first day as a public company. The stablecoin market is having a moment, also getting attention from lawmakers.