Crypto stocks soar: Circle leads the charge with 530%
|Stablecoin issuer Circle (CRCL) surged more than 530% since its June IPO, fueled by a groundbreaking Senate vote on the GENIUS Act and a ripple effect across blockchain-linked equities.
Circle’s stock closed Wednesday at $199.59—up 33.8% in a single day—and gained another 6% after hours, marking a massive rise from its IPO price of $31 on June 5. This latest surge came just after the U.S. Senate passed the GENIUS Act, a bill aiming to create a national framework for regulating stablecoins like USDC, which Circle issues.
President Trump publicly supported the bill, calling on the House to pass it swiftly. Market reaction was swift too: Coinbase stock jumped 16%, reflecting broader investor optimism around U.S.-regulated digital assets.
Circle’s USDC is the second-largest USD stablecoin globally, holding a $61.4 billion market cap and accounting for 25% of all stablecoins in circulation. As banks and tech giants explore the stablecoin space, CRCL’s rise could also set the stage for upcoming IPOs from firms like Kraken and Gemini.
Three key takeaways:
- Circle stock (CRCL) is up over 530% since its $31 IPO, now nearing $200.
- The GENIUS Act boosts market confidence, with strong political and investor backing.
- USDC makes up a quarter of global stablecoin supply, underlining Circle’s influence in the crypto economy.
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