Circle Stock Jumps 34% Following Senate Approval of Stablecoin Bill
Circle (NYSE: CRCL) increased by 34% on Wednesday and an additional 6% in after-hours trading, following the U.S. Senate's passage of a bill for regulated, dollar-backed stablecoins.
Key details include:
- Stock closed at $199.59, reaching a high of $211.87 in after-hours trading.
- CRCL has risen over 540% since its June 5 debut.
- The GENIUS Act outlines issuance and management rules for fiat-backed stablecoins, pending House approval and the President's signature.
- Senate support indicates potential regulation for crypto payments in the U.S.
- CEO Jeremy Allaire described the bill as a significant advancement for American competitiveness.
- Trump stated the bill positions the U.S. as a leader in digital assets.
- Circle issues USDC, the second-largest stablecoin globally.
- Trading volume exceeded 60 million shares, nearly double the average.
- Market cap surpassed $48 billion, outpacing several traditional payment firms.
- Bernstein analysts noted the bill could promote stablecoin innovation within the U.S.
The bill aims to define stablecoins as payment instruments, potentially enhancing their adoption beyond crypto platforms.