Circle Stock Soars (CRCL) after CEO Says that “iPhone Moment” Is Close

Circle Internet (CRCL) is seeing its stock price soar 17% at the time of writing, as its post IPO rally continues to gain momentum. This sharp rise follows growing investor excitement about the future of stablecoins, which are digital currencies that are designed to maintain a stable value. Circle is best known as the company behind the USD Coin (USDC-USD), a popular stablecoin currently valued at around $61.6 billion. For comparison, Tether (USDT-USD), another major stablecoin, has a market capitalization of approximately $155.5 billion.

Interestingly, over the weekend, Circle CEO Jeremy Allaire shared a post on X (formerly Twitter) that said stablecoins haven’t quite reached their “iPhone moment” yet, which will be “when developers everywhere realize the power and opportunity of programmable digital dollars on the internet in the same way they saw the unlock of programmable mobile devices.” However, he believes that moment is coming soon. His post was in response to crypto investor Sam Broner, who highlighted how stablecoins can make building fintech apps much cheaper and easier.

Investor enthusiasm has also been fueled by progress in Washington. Indeed, last week, the U.S. Senate moved forward with legislation that would create official rules for how stablecoins are regulated. If passed, the bill could give more legitimacy to the space, which could accelerate adoption. A final Senate vote on the bill is expected later this week.

Is CRCL Stock a Buy?

Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for CRCL stock, thanks to two Bullish indicators and no Neutral or Bearish indicators. However, it is worth noting that since the company recently went public, there is not enough data to fully analyze its technical patterns.