Circle stock surged nearly 600% since its IPO, reaching $270 per share and briefly surpassing Coinbase’s and USDC’s market capitalizations.
Circle’s rise followed U.S. Senate approval of the GENIUS Act, driving broader momentum in crypto-related stocks, including Coinbase.
Coinbase continues to benefit from its revenue-sharing agreement with Circle, earning 50% of income from USDC reserve holdings.
Circle’s stock price soared on Monday, extending its extraordinary rise since the company's June 5 IPO. The surge propelled its market capitalization past major industry benchmarks, including Coinbase and its own stablecoin, USDC.
Circle’s Market Cap Briefly Tops Industry Giants
Circle’s stock, trading under the ticker CRCL, jumped 12% on Monday to approximately $270 per share. This marked a nearly 600% increase from its IPO price of $31. The rally pushed Circle’s market capitalization above $77 billion at one point, surpassing Coinbase’s $77.8 billion and the $61 billion market cap of its stablecoin, USDC.
Cointelegraph reported that this sharp increase follows growing investor enthusiasm after Circle’s public debut. Bitwise CEO Hunter Horsley described the IPO as a moment that changed mainstream investor outlook toward digital asset companies. In contrast, Two Prime’s Alexander Blume questioned the valuation, describing it as irrational given Coinbase receives 50% of USDC's revenue through an existing agreement.
GENIUS Act and USDC Developments Support Growth
Circle’s performance has been supported by broader momentum in the digital asset space. The U.S. Senate recently approved the GENIUS Act, which has been viewed positively by market participants. The legislation contributed to stock price rallies for both Circle and Coinbase.
Analysts believe investors may be rotating into Coinbase as a proxy investment play, especially given the revenue-sharing relationship between the two firms. Coinbase earns a substantial portion of USDC reserve income under this deal, linking the performance of both companies. Wall Street analysts have raised COIN price targets in response to these developments and the expanded integration of USDC payments in the market.
Stablecoin Legislation Advances in Washington
Ongoing discussions around stablecoin regulation are also adding to market expectations. Legislation related to stablecoins, including the GENIUS Act, has moved forward in the Senate. Former President Donald Trump has backed efforts for the House to pass the bill by August.
These regulatory moves are seen as creating a more structured environment for companies like Circle and Coinbase. The evolving legal framework is expected to shape future activity in the stablecoin and crypto payment sectors.
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