The cryptocurrency company, which offers fully backed digital money for rapid global payments around the clock, priced its IPO above the expected range.

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.

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.