By the close of trading today, investors will be able to trade shares of stablecoin issuer Circle (formerly Block) on the New York Stock Exchange (NYSE). According to market sources, the stock priced at $31 per share, well above the initial indicative range of $24 to $26, signaling strong initial investor appetite.

Circle’s equity offering has been upsized from 26 to 34 million shares following an oversubscription, increasing the potential fundraising to over $1.1 billion. The first new shares are expected between mid-morning and shortly after one o’clock Eastern Time, taking into account preliminary trading demand.

The primary challenge ahead of today’s first trading will be “carefully balancing supply and demand,” according to Bitwise’s General Counsel Katherine Dowling (former investment banker), echoing sentiment expressed by other market insiders.

The underwriting team, drawing lessons from previous high-profile debuts like Coinbase’s direct listing, aims for a “Goldilocks pricing” strategy that avoids the volatility seen in earlier cryptocurrency-related IPOs. Dowling noted the significant caution required: “You really want that kind of Goldilocks pricing to kind of try to keep it within a narrower band.”

Securing a strong initial market response from Circle is described by eToro’s Bret Kenwell as likely to be a “huge win” for both bulls and the broader cryptocurrency ecosystem. Furthermore, this debut serves as a crucial test of retail investor demand, alongside demonstrated institutional interest.

Dowling emphasized Circle’s timing coincides with evolving regulatory clarity surrounding stablecoins, stating, “The importance of that evolution is notable… it really isn’t just about [a crypto-friendly administration]. You’ve had people… have a much greater understanding… this is a technological change.”

The scheduled NYSE listing comes at a notable moment as lawmakers in Washington D.C. consider a comprehensive stablecoin bill. Dowling characterized the current environment as representing a significant advance from the regulatory uncertainty surrounding cryptocurrencies earlier in the decade. “We’ve come such a long way from the Luna debacle,” she observed.