Circle Internet Stock Soars on Stablecoin Legislation Breakthrough

Shares of Circle Internet (CRCL) surged 33.8% to a record $200.90 after the U.S. Senate passed the GENIUS ACT, establishing a regulatory framework for dollar-pegged cryptocurrencies. The bill, now awaiting House approval and presidential signature, triggered broad crypto market optimism.

Coinbase Global (COIN) and other major players rallied alongside Circle, which went public less than two weeks ago at $31 per share. The USDC issuer's stock has skyrocketed over 500% since its IPO, positioning it as a primary beneficiary of the landmark legislation.

The bill authorizes stablecoin usage across banking, finance, and retail sectors—marking Washington's first significant embrace of digital assets. Market participants interpret the bipartisan support as validation of stablecoins' role in mainstream finance.