Circle Internet is betting on wider use of its USDC digital currency, which is redeemable one-for-one with the U.S. dollar.

The race to embrace stablecoins is heating up, with major issuer Circle (CRCL) soaring on its first day of trading Thursday, while the biggest banks in the US explore whether to issue their own coins.

Circle’s stock price soared alongside its IPO, capturing Wall Street’s growing embrace of digital dollars for years to come, analysts say.