A surge in shares of Circle Internet Group Inc., lifted by a wave of optimism about US stablecoins, has investors and market-watchers alike wondering just how much upside could be left in the near-term for the newly publicly-traded company.

Wall Street’s enthusiasm for stocks with exposure to the rapidly growing world of stablecoins continued on Monday, as shares of Fiserv rallied after the financial-technology giant entered the arena.

Circle Internet Group stock has now surpassed its own stablecoin, USDC, in market cap. Just 12 trading days after its initial public offering, Circle’s stock value has surged over 8X, with shares rising from an IPO price of $31 to over $254.