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

Wall Street isn't just celebrating the debut of a major stablecoin issuer as Circle's stock soared Thursday and Friday. It's also considering how it can compete against Circle in the future.

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