Circle, the first publicly-traded stablecoin company, saw its stock price surge 20% in intraday gain today alone, just days after the U.S. Senate passed the GENIUS Act on Tuesday. The night the bill was passed, Circle’s share went from $148 to $227 in hours. That was a 53% jump. At the time of writing, the stock is trading around $241.
The GENIUS Act is the first big law that is focused on stablecoins. There are digital tokens that stay equal in value to the U.S. dollar. The law says companies must keep full reserves, get monthly audits, and follow anti-money laundering rules.
However, it’s not a law yet. It still has to pass the House of Representatives, but just getting through the Senate caused a big reaction. Circle is the company behind USDC, the second-biggest stablecoin in the world after Tether’s USDT.
It just went public on the New York Stock Exchange earlier this month under the ticker “CRCL.” On its first day, the stock was priced at $31 but opened at $69 and ended the day at $82.23. Since then, it’s gained more than 600%.
Meanwhile, other stablecoins like Coinbase have seen 20% since the Senate vote. The crypto market sees this bill as a green light from Washington. It could bring more businesses and even banks into the stablecoin space.
After the Senate vote on Tuesday, Circle’s CEO, Jeremy Allaire, posted this on X: “History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to breakthrough legislation being signed into law that will drive U.S. economic and national competitiveness for decades to come.”
On Friday, Seaport Global gave Circle its first “buy” rating. Analyst Jeff Cantwell said the stablecoin market could grow from $260 billion today to $2 trillion. He thinks Circle could bring in $3.5 billion in revenue next year, up from $1.68 billion this year. “We view Circle as a top-tier crypto ‘disruptor’ with a sizeable future opportunity,” Cantwell wrote.
Moreover, the bill saw support from U.S President Donald Trump. He recently pushed for Congress to pass it as soon as possible and not to try and make any amendments. “Get it to my desk, ASAP – NO DELAYS, NO ADD ONS,” he wrote in a post on Truth Social shared on X.
Shopify recently announced USDC payments for all its users. Top tech firms like Meta, Google, Airbnb, and X have also reportedly been looking into stablecoins since the bill was passed.
Also Read: Visa Expands Stablecoin Business in Europe, Middle East, Africa
