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.

What exactly does Circle do, and why did it decide to move its headquarters from downtown Boston to lower Manhattan late last year? Here are six things to understand about the company, which manages a "stablecoin" called USDC.

Last Wednesday, the USDC stablecoin issuer priced its upsized initial public offering (IPO) at $31 per share, above its expected range of $27 to $28. The stock opened Thursday on the New York Stock Exchange (NYSE) at $69 and finished at $83.23—168% above its IPO price.