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

Circle shares surged Thursday following an IPO valuing the company at almost $7 billion, showing that investors have an appetite to get exposure to the nascent stablecoin economy. Why it matters: The bet is that stablecoins will only get bigger once the U.

Circle Internet Group Inc. and some of its shareholders raised nearly $1.1 billion in an upsized initial public offering that was priced above a marketed range, in a sign that stablecoin issuers are winning greater acceptance.