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.

Circle Internet on Wednesday priced its upsized U.S. initial public offering at $31 apiece, raising $1.05 billion, adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets.

Circle Internet Group’s share price continues to increase, rising on Friday as much as 25% from its previous close, a day after the stablecoin issuer’s more than doubled from the IPO price.