Shares in Circle Internet climbed 168 per cent on its debut in New York on Thursday, offering a boost to the US market for initial public offerings and marking what the stablecoin operator called “a major step in acceptance” for its business.

The US group listed at $31 a share on the New York Stock Exchange, raising $1.1bn, increasing both the number of shares on offer and their price in response to strong investor demand. Trading in the stock was halted for volatility three times as the shares surged as high as $103.75. Circle’s shares ultimately closed at $83.23 giving the group a fully diluted market capitalisation of almost $22bn.

Its listing is one of the largest in the US this year and raises hopes that the market is beginning to thaw after President Donald Trump’s aggressive tariff policy in April forced some companies to pause their floats. Mobile banking network Chime Financial and Swedish “buy now, pay later” lender Klarna are among companies with plans to list in New York.