Driving this transformation is President Donald Trump, who has openly embraced crypto since taking back the White House, placing industry allies in top regulatory positions, igniting a run-up in token prices and sparking new optimism about its future in the U.S.

The crypto market is on fire again, but the fuel isn't coming from social media hype ahead of bets on a Fed rate cut.

Circle went public in June in a blowout New York Stock Exchange (NYSE) debut, with shares more than doubling at the open to value the stablecoin issuer at about $18 billion. Stablecoins are a type of cryptocurrency pegged to a fiat currency, usually the dollar.