Shares of stablecoin issuer Circle Internet (CRCL) reached a new 52-week high of $200.90 on June 18, surging 33.8%, following favorable stablecoin legislation. On June 17, the U.S. Senate passed the GENIUS ACT, which will establish a regulatory framework for the use of cryptocurrencies whose values are pegged to the U.S. dollar. The bill still needs to clear the House of Representatives and receive the President’s signature, but investors already seem optimistic about the legislation becoming law.
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The landmark bill marks the first major legislative approval for the digital currency industry, and the news pushed shares of major cryptocurrency players higher, including crypto exchange Coinbase Global (COIN). The bill allows for the official use of stablecoins across several industries, including banking, finance, technology, retail, and others.
Stablecoin Innovators Praise Regulatory Milestone
Circle Internet Group is a USDC stablecoin issuer and is indeed poised to be one of the biggest beneficiaries of the bill. The company went public less than two weeks ago, and its shares have already surged more than 500% above their IPO (Initial Public Offering) price of $31 on June 5, turning early investors into millionaires.
Circle CEO Jeremy Allaire expressed his enthusiasm for the breakthrough legislation, stating, “History is being made” and adding that the law “will drive U.S. economic and national competitiveness for decades to come.” Meanwhile, Coinbase also remains a major beneficiary as a co-founder of USDC and due to its 50% revenue share deal with Circle. COIN stock surged over 16% yesterday on the news.
Stablecoin Sector Set for Rapid Expansion
Following the passage of the bill, private companies can now issue stablecoins with strict guardrails. They are required to maintain full reserve backing, undergo monthly audits, and adhere to anti-money laundering policies. The stablecoin market is currently valued at about $260 billion, but the bill could rapidly accelerate its future growth potential.
U.S. Treasury Secretary Scott Bessent, who now has extensive oversight authority under the new bill, projects that the stablecoin market could grow nearly eightfold to surpass $2 trillion in the coming years. Such significant growth is expected to attract more users and increase trading activity on platforms such as Coinbase.
Is Circle Internet Stock a Buy Today?
With the passing of the GENIUS Act, Circle Internet Group has emerged as a clear frontrunner in the rapidly evolving stablecoin market. The legislation not only provides much-needed regulatory infrastructure but also unlocks new opportunities for growth, innovation, and broader adoption of digital currencies. As market confidence builds and the stablecoin sector expands, Circle’s strong position and robust partnerships position it for continued leadership in the next phase of the digital currency era.
