Stablecoin issuer Circle Internet's shares more than doubled in their debut on the New York Stock Exchange on Thursday, firing up the IPO market that has struggled to regain momentum.

Trading under the ticker "CRCL," shares of the USDC stablecoin issuer opened at $69 after the upsized initial public offering (IPO) priced Wednesday at $31, above its expected range of $27 to $28. The shares finished at $83.23, rising almost as high as $104 in intraday trading.