USDC Issuer Circle Sees 5% Stock Surge on Strong Earnings and Regulatory Tailwinds
Circle Internet Financial, the company behind the USDC stablecoin, reported strong Q2 earnings, pushing its recently listed CRCL stock up 5% to $164. This increase follows the enactment of the GENIUS Act, which has boosted institutional interest in stablecoins.
USDC circulation grew 90% year-over-year, with Circle forecasting a 40% compounded annual growth rate. CFO Jeremy Fox-Geen highlighted accelerated institutional adoption since the IPO, attributing it to regulatory clarity from recent crypto legislation.
The GENIUS Act, signed into law three weeks ago, creates a regulatory framework for dollar-pegged cryptocurrencies. Major financial institutions are now evaluating stablecoin integration, drawn by their cost-efficient and high-speed transaction capabilities.
