- Circle recorded a 25% gain on Friday, following reports of Amazon and Walmart exploring stablecoin offerings.
- Anticipation of the final Senate vote on the GENIUS stablecoin regulation bill next week has also contributed to CRCL's price growth.
- CRCL's surge comes amid bearish pressure in the crypto and stock markets after Israel attacked key locations in Iran.
Stablecoin issuer Circle (CRCL) saw a 25% gain on Friday, recouping losses from a 9% decline the previous day following the Senate scheduling a final vote on the GENIUS stablecoin regulation bill and reports of Amazon and Walmart exploring stablecoin offerings.
Circle surge past $133 amid rising stablecoin interest
Circle's stock, CRCL, surged on Friday from an opening price of $108 to $133, marking its highest daily close since its debut on the New York Stock Exchange (NYSE) last Thursday. The price rise, which saw its market cap hitting $32.43 billion, represents a 330% increase from its initial public offering (IPO) price of $31.
The USDC issuer's price growth follows developments around Amazon and Walmart, which are reportedly planning to launch US Dollar-backed stablecoins for customers, according to the Wall Street Journal. The two merchants join a growing list of companies that are considering adding stablecoins to their payment channels.
This comes as the GENIUS bill draws closer to becoming law. The Senate is set for a final vote on the bill on Tuesday. If it passes, the bill will head to the House for deliberation.
The GENIUS bill aims to regulate stablecoins and their issuers in the US.
Meanwhile, CRCL's surge comes amid bearish pressure in the crypto and stock markets following rising Middle East war tensions after Israel launched attacks on key locations in Iran.
Bitcoin (BTC) fell to an intraday low of $103,000 before rebounding slightly above $105,000 at the time of writing. Altcoins were not spared from the downturn, with Ethereum (ETH), Solana (SOL) and XRP each posting losses of nearly 10% before seeing a slight recovery.
Traditional markets also felt the impact, with the S&P 500 dropping more than 1% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP price sees bullish momentum accelerate near $3.00 as crypto markets cheer BTC's all-time high
XRP’s bullish momentum has no sign of fatigue with the price approaching $3.00 on Monday. The XRP derivatives market holds steady, with the Open Interest expanding to $8.3 billion.
Crypto Today: Bitcoin strikes fresh record highs, as Ethereum, XRP edge higher
Bitcoin price rallies to new record highs above $123,000 on Monday and is approaching the next key level at $125,000. Ethereum settles above $3,000, bolstered by steady interest from both institutional and retail investors.
SUI Price Forecast: SUI nears $4 breakout after double-digit surge
SUI edges higher, posting double-digit gains on Monday and inching closer to the $4 mark. The DeFi Total Value Locked of SUI hits a record high of $2.20 billion, indicating increased network activity.
Meme Coins Price Prediction: DOGE, SHIB, PEPE eye further gains as Bitcoin hits record high above $122K
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) post gains of over 4% at press time on Monday, tracking Bitcoin’s (BTC) upward move above $122,000.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.