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

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

The race to embrace stablecoins is heating up, with major issuer Circle (CRCL) soaring in its first days of trading while the biggest banks in the US explore how to compete with Circle by issuing their own coins.