By Arasu Kannagi Basil and Hannah Lang (Reuters) -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.

The stock price soared and opened at $69.50, a gain of 124 percent. In afternoon trading, shares traded at $92.68. Circle’s initial public offering is one of the biggest public listings for a crypto-related company in years.

Circle, the company behind the $61 billion stablecoin USDC, made a roaring debut on the New York Stock Exchange Thursday, becoming the first stablecoin issuer to go public and making CEO and cofounder Jeremy Allaire a billionaire.