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.

Circle stock (CRCL) exploded higher in its first day of trading on Thursday, rising as much as 200% at session highs after the stablecoin issuer made its long-anticipated public market debut. At market close,

Circle pushed markets into rally mode on Friday after its shares spiked 48%, extending the chaos it kicked off with a massive NYSE debut the day before.