New Delhi, June 5 -- Stablecoin issuer Circle Internet's shares more than tripled in their debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum.

The New York-based company's stock opened for trading at $69 apiece, valuing the stablecoin issuer at nearly $18 billion, on a fully-diluted basis.

The stock rose as much as $103.75 and was halted multiple times for volatility amid frenetic trading.

The successful flotation is likely to encourage other crypto IPO hopefuls eyeing public markets. Surging interest in digital assets amid rising token prices and supportive regulatory developments is expected to spur more listings from the industry.

"The more crypto companies...