Shares of stablecoin issuer Circle and crypto exchange Coinbase surged on Wednesday after the U.S. Senate passed a landmark ...

Ed Engel, Compass Point senior analyst, joins 'The Exchange' to discuss Circle's stock soaring in its public debut.

In its first day of trading, Circle was up nearly 170%. At one point, Circle was up more than 200%, and trading was halted several times, as the market struggled to keep up with demand.

In DeFi, a serious USDC rival for Circle is unlikely to emerge anytime soon, according to analysts at investment bank Compass Point.

Circle joins Coinbase, Mara Holdings and Riot Platforms as one of the few pure-play crypto companies to list in the U.S.