Circle stock jumped after lawmakers in the U.S. moved closer to approving new stablecoin rules.
- Circle’s stock rose over 34% in one day, hitting more than $211 in after-hours trading.
- The U.S. Senate passed the GENIUS Act, supporting regulated stablecoins.
- Circle could benefit greatly if stablecoins become common for digital payments.
Senate Approves Stablecoin Law
The U.S. Senate passed a new bill called the GENIUS Act. It sets clear rules for how U.S. companies can issue stablecoins backed by U.S. dollars. The bill still needs to pass the House and be signed by President Donald Trump to become law. However, the Senate vote shows strong support from both political parties.
Circle, the company behind the stablecoin USDC, saw its stock rise after the news. USDC is currently the second-largest stablecoin in the world based on value in circulation.
Circle Stock Sees Massive Gains
Circle’s stock, listed as CRCL on the New York Stock Exchange, surged 34% during trading on Wednesday. After the market closed, its price climbed even higher — up 6% to nearly $212. The stock has now risen over 540% since it began trading publicly on June 5. This is one of the fastest climbs for any public crypto company.
Trading volume also spiked, reaching over 60 million shares — double the usual. The company’s market cap is now more than $48 billion.
Political and Market Support Grows
Circle CEO Jeremy Allaire praised the bill on X, saying it marks a major move for the U.S. to lead in digital finance. Former President Donald Trump called the bill “pure GENIUS” on Truth Social. He said it would make the U.S. the global leader in digital assets.
Analysts at the firm Bernstein believe the law will bring more innovation back to the U.S. They said the bill places stablecoins closer to digital versions of cash. This may help boost their use outside of crypto platforms.
Source: coindesk.com
