Circles (NYSE:CRCL) surged 34% on Wednesday and increased by another 6% after get off work as the U.S. Senate passed a landmark bill that laid the foundation for regulated, dollar-backed stable shares.
The move lifted Circle’s stock by $199.59 at the end of Wednesday, with a height of $211.87 in after-hours trading. The stock has now risen over 540% since its debut on June 5, one of the fastest crypto stocks to open to the public.
The Genius Act outlines how U.S. companies issue and manage stable shares supported by Fias for payments. It still requires House recognition and President Donald Trump’s signature, but the Senate vote shows strong support from both parties bringing cryptocurrencies to the perimeter of U.S. regulation.
“History is being made,” Circle CEO Jeremy Allaire said on X, calling the bill a breakthrough in U.S. competitiveness.
Trump said in a truth-fact social position that the bill would make the United States a “undisputed leader in digital assets.”
“The Senate has just passed an incredible bill that will make the United States an undisputed leader in digital assets – no one will do better, it’s pure genius,” Trump’s Truth Society post reads. “Digital assets are the future and our country will have it.”
Circle is the issuer of USDC and is currently the second largest stablecoin in the world by circular value by circular value. It has long established clear rules around cryptocurrencies. Wednesday’s rally reflected investor confidence that the circle would be the main beneficiary if the U.S. formally viewed stablecoins as digital cash equivalents.
The number soared to 60 million shares, almost twice the average. CRCL traded between $148 and $200.89 on that day. Now, its market capitalization is above $48 billion, dwarfing several traditional payment companies.
Bernstein analyst, who Start coverage The bill, which will be conducted on CRCL earlier this week, will “resend Stablecoin innovation” and recapture activities from offshore issuers to regulate American players.
“The bill clearly defines Stablecoins as payment Stablecoins, bringing their legal treatment closer to digital cash and opening the door to mainstream adoption beyond cryptocurrencies,” analyst Gautam Chhugani said.
Read more: Compliant Stablecoins will become “the monetary layer of the internet:” Canaccord
