Why Circle Internet Stock Skyrocketed 83.2% This Week
Shares of Circle Internet Group (NYSE: CRCL) have soared this week, finishing up 83.2% from last week's close. The massive run came as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were relatively flat.The company, which IPO'd earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. Investors sent the stock soaring this week after the U.S. Senate passed the GENIUS Act, a landmark bill that would create a federal regulatory framework for stablecoins.The bill allows banks, fintech firms, and retailers to legally issue and use stablecoins, while also establishing consumer protections and regulatory oversight for their use. The bill must now clear the House of Representatives. House members will need to reconcile the bill with their own version, which contains some key differences, especially in what agencies would take the lead in regulating the market. If the bill successfully makes its way to President Trump's desk and is signed into law, it will mark a watershed moment for stablecoin adoption and the cryptocurrency market at large. Continue reading
Shares of Circle Internet Group (NYSE: CRCL) have soared this week, finishing up 83.2% from last week's close. The massive run came as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were relatively flat.
The company, which IPO'd earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. Investors sent the stock soaring this week after the U.S. Senate passed the GENIUS Act, a landmark bill that would create a federal regulatory framework for stablecoins.
The bill allows banks, fintech firms, and retailers to legally issue and use stablecoins, while also establishing consumer protections and regulatory oversight for their use. The bill must now clear the House of Representatives. House members will need to reconcile the bill with their own version, which contains some key differences, especially in what agencies would take the lead in regulating the market. If the bill successfully makes its way to President Trump's desk and is signed into law, it will mark a watershed moment for stablecoin adoption and the cryptocurrency market at large.
