Just look at the robust demand for the initial public offering of Circle Internet Group, the leader in the world of stablecoins. The stock, which more than doubled in its first few minutes of trading before being halted three times,

USDC stablecoin issuer Circle Internet Group made a powerful and successful public stock debut. The listing is seen as a key step for integrating stablecoins into the global financial system.

The euphoric action harkens back to the 2021 Coinbase IPO, which didn't end well for those who piled in near the high.