Stablecoins Surge as Circle Hits $77 Billion Valuation
Stablecoin assets are experiencing significant growth, driven by the potential passage of the GENIUS Act and new initiatives from various companies. Key developments include:
- Circle, issuer of USDC, saw its stock increase about 500% since June 5, reaching a valuation of $77 billion.
- USDC's market cap is approximately $62 billion.
- CRCL has become the most popular foreign stock in South Korea.
- Tether acquired a significant stake in Italian soccer club Juventus, indicating strong cash reserves.
- Coinbase shares hit their highest level in four years, largely benefiting from USDC transactions.
- Euro-backed stablecoins have surged, with a combined 44% increase this year, led by Circle's EURC.
- Traditional payment firms like Mastercard and Visa are announcing partnerships to expand stablecoin capabilities.
Additional notable points include SEI's price surge, the Federal Reserve's statement on crypto reputational risks for banks, and World Liberty Financial reversing its token transferability stance.