Jim Cramer warns: Circle's listing big pump of 168% leads to overvaluation, advises investors to hold off on buying.

CNBC host Jim Cramer said on Monday that investors are not advised to buy shares of stablecoin issuer Circle Internet for the time being. Circle Internet made a stellar debut last week, with its stock price soaring 168% from its opening price of $31 to $69. According to Cramer, while Circle Internet is strong, its stock price is "overheated" at the moment. With the company's valuation skyrocketing from $5.5 billion to about $25 billion in a matter of weeks, it's not a good idea to buy at this point. Moreover, Circle is still pegged to a volatile crypto ecosystem, so investors may wish to be patient and wait for better buying opportunities. Cramer also likened Circle's stablecoin USDC to chips in the crypto space, saying that its business is more transparent than Tether and that it is a "more regulated, less suspicious version of the stablecoin" backed by real-world fiat currency reserves. He also cautioned that the current IPO market is "starting to go crazy" and investors need to be cautious.