Circle Stock Surges 33.8% After Senate Passes GENIUS Act
Circle’s stock closed at $199.59, a 33.8% increase in one day, and rose an additional 6% after hours, up from its IPO price of $31 on June 5. This surge occurred following the U.S. Senate's passage of the GENIUS Act, which aims to regulate stablecoins like USDC, issued by Circle.
President Trump endorsed the bill, urging prompt action from the House. Coinbase stock also rose by 16%, reflecting investor optimism in U.S.-regulated digital assets.
Key facts include:
- Circle stock (CRCL) has increased over 530% since its $31 IPO.
- The GENIUS Act enhances market confidence with political and investor support.
- USDC accounts for 25% of all stablecoins, highlighting Circle’s role in the crypto economy.