Shares of Circle surged after its debut as a public company, but the crypto player may face headwinds if the Federal Reserve cuts interest rates further this year.

After pulling out of prior attempts to go public, USDC stablecoin issuer Circle has finally hit the big board. And judging by its opening day, demand was through the roof.Circle saw shares price well above its initial range at $31 and once trading began on the New York Stock Exchange under the ticker CRCL,

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