Circle Internet Group shares jumped 50% to close at $199.59, marking a record high for the stablecoin issuer.
The stock reached an intraday peak of $165 before settling back, building on a 25% gain from the prior Friday session. The second-largest stablecoin issuer after Tether has a market cap of $48.407B.
Investor excitement around stablecoins has driven the rally, as digital tokens tied to assets like the US dollar draw growing interest.
IPO Debut
Circle made its public markets debut on June 5 at an IPO price of $31 per share. Since that listing, the stock has climbed nearly 6.4 times.
The strong start underscores the high hopes investors place on USDC, Circle’s flagship stablecoin. Many see the token as a key bridge between traditional finance and blockchain networks.
Legislative Boost
On Tuesday, the US Senate passed the GENIUS Act, a bill to create a federal framework for dollar backed stablecoins. Circle shares jumped 33% after the vote, reflecting Wall Street’s view that clear rules will spur adoption.
The act aims to set reserve requirements and regular audits for issuers, which supporters say will protect consumers and strengthen market trust.
Analyst Perspective
Bernstein analyst Gautam Chhugani said stablecoins have brought attention back to the blockchain’s potential as a global payment rail.
He expects the GENIUS Act to be fully implemented and running by the end of summer, making it the first bipartisan crypto bill in years. If that happens, firms like Circle could see even more rapid growth as the market expands.
Ark Invest’s Moves
Even as Circle soared, ARK Invest sold nearly $100 million in Circle shares over two days. On Tuesday, its funds offloaded 300,108 shares for $44.7 million, according to filings. That sale came as the stock dipped 1.3% on the day, closing at $149 after a fresh peak above $165 on Monday.
Ripple Effect on Crypto Stocks
The surge in Circle shares lifted other crypto-related equities as well. Coinbase stock jumped nearly 20% on Wednesday, as investors across the board cheered the prospect of broader stablecoin use.
Industry players say the GENIUS Act is a green light for more institutions to embrace blockchain payments and tokenised assets.
Also Read: Japanese Financial Giant SBI & Shinsei Bank Back Circle With $50M Investment After IPO
Stablecoins and Dollar Dominance
Supporters of the bill argue that a clear federal regime will help the US dollar maintain its edge in global finance. Faster settlement times could let businesses of all sizes move money almost instantly.
Circle’s stock rally comes amid a push by the Trump administration for a crypto-friendly framework.
The president has highlighted digital assets as a future growth area and backed legislation to keep rules simple. That tone from Washington has encouraged investors to bet on stablecoin platforms and related tech firms.
As Circle stock continues its meteoric rise, all eyes turn to the House of Representatives. A swift vote on the GENIUS Act could cement the gains and set a model for future crypto legislation.
Whether the measure passes without changes will shape how fast stablecoins move from niche products to everyday financial tools.
Also Read: Circle’s IPO Sends Co-Founder & CEO’s Wealth Past $1.7 Billion, CRCL Market Cap Crosses $16B