Circle Internet Group Inc.’s white-hot debut on Thursday gives the US IPO market a crypto-fuelled shot of adrenalin that could encourage more listings by would-be debutantes — in the digital assets space and beyond.

The stablecoin issuer’s first time share sale exceeded all expectations, pricing the upsized deal above an increased range and and ultimately drawing north of 20 times the orders for the number of shares available, Bloomberg News has reported. Its stock more than tripled soon after trading began.

Circle’s $1.1 billion IPO is easily the highest-profile crypto debut since Coinbase Global Inc. went public in a ...