Shares of stablecoin issuer Circle Internet Group Inc. stayed hot in its second session of trading on Friday and helped sparked gains in stocks in other cryptocurrency-related companies.

Circle’s reserve income — derived mostly from interest on the Treasuries backing USDC — rose 55.1% to $557.9 million in Q1. But that income stream is expected to drop as interest rates fall. If the Fed cuts rates in the second half of the year, Circle’s primary moneymaker could take a hit.

Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world's biggest stablecoins, reacts to the price of first trade, on the day of the company's IPO, at the New York Stock Exchange (NYSE), in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo

Circle, the issuer of one of the biggest stablecoins, priced its IPO at $31, above its expected range and giving it a market value of $6.8 billion.

The successful debuts of Circle and CoreWeave could lead to more unicorns going public. Keep an eye on fintech Chime and defense firm Voyager.

While Wall Street insiders enjoyed a first day "pop," it appears Circle could have pocketed much more from its debut.

The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

Circle, the issuer of the USDC stablecoin, is aiming for a fully diluted valuation of up to $7.2 billion in its upcoming initial public offering, according to a Monday filing with the Securities and Exchange Commission (SEC).