Circle Internet Group hasn’t behaved like a normal stock since going public on June 5. As of Friday’s close, shares of the stablecoin-issuer have risen more than 450% to $180.43 from their initial public offering price of $31.

Several Wall Street analysts on Monday launched coverage of Circle Internet Group, following the stablecoin issuer's initial public offering earlier this month.

Circle Internet Group ( CRCL -14.49%) has been one of the hottest stocks on Wall Street in recent weeks. The company held its initial public offering (IPO) on June 5, listing 34 million shares on the New York Stock Exchange. Circle priced its IPO at $31 per share, but the stock opened at $69 and has since soared 290% to $270.