After stablecoin issuer Circle exploded 300% higher in its IPO, plenty of big players on Wall Street are taking a second look at their crypto strategies. That could very well trigger a second wave of hyper crypto institutionalization that has been building all year.

The cryptocurrency company, which offers fully backed digital money for rapid global payments around the clock, priced its IPO above the expected range.

Wall Street’s ETF machine kicked into high gear just hours after Circle Internet Group Inc. went public, riding the frenzied initial public offering of the stablecoin giant as crypto technologies enter mainstream finance.