Is it 2021 all over again?

Circle (CRCL) debuted to wild upside action on the New York Stock Exchange on Thursday, its shares more than tripling from the IPO price of $31. The event was the culmination of a long journey for the USDC stablecoin issuer, which had been pursuing an IPO for several years.

For the crypto industry, it’s certainly a win — a sign of strong traditional investor demand and that under the Trump administration, crypto native firms really do have a path to going public.

But cryptocurrencies themselves weren’t enthused. Bitcoin

slid more than 2% to $102,800, its weakest level in about a month, while the CoinDesk 20 (an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins…