Just look at the robust demand for the initial public offering of Circle Internet Group, the leader in the world of stablecoins. The stock, which more than doubled in its first few minutes of trading before being halted three times,

The euphoric action harkens back to the 2021 Coinbase IPO, which didn't end well for those who piled in near the high.

The significant surge in Circle’s first-day trading could prompt institutional investors to set higher IPO prices for upcoming listings. Imminent IPOs include Omada Health, which is pricing on Thursday, and Klarna, a fintech that’s set to list next week.