Circle Stock Rises 34% Following US Senate Approval of GENIUS Act
Circle stock surged nearly 34% on June 18 following the US Senate's approval of the GENIUS Act, which provides regulatory clarity for stablecoins. The vote passed 68–30, positively impacting market prices.
Circle stock price dynamics | Source: TradingView
Circle shares closed at $199.59 and reached $211.87 in extended trading, marking a new high since going public on June 4, 2025.
GENIUS Act Implications
The GENIUS Act establishes federal guidelines for reserve standards, audits, and operational oversight for stablecoin issuers like Circle. This aims to enhance legitimacy and financial safeguards for digital dollars.
- Expected increase in institutional adoption of USDC.
- Banks and fintechs may consider Circle as a reliable partner due to reduced regulatory uncertainties.
Political Support
Support gained traction after Donald Trump endorsed the bill and promoted his own $TRUMP token. The legislation will now move to the House of Representatives.
Coinbase's Role
Coinbase announced it will accept USDC as collateral in US futures markets, enhancing its utility beyond peer-to-peer payments.
Despite some criticism from lawmakers, market reaction has been overwhelmingly positive, marking a significant policy shift in stablecoin oversight.
Emerging Project: Best Wallet
The $BEST token from Best Wallet is gaining attention, featuring multichain support and in-app staking. The presale has surpassed $13.4 million ahead of a price hike.