Shares of Circle Internet Financial (CRCL) soared by 34%, reaching a new all-time high of $200 after the U.S. Senate passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act). This bill establishes a federal framework for the regulation of stablecoins, such as USDC issued by Circle, and signals a growing trust in the cryptocurrency sector.
The GENIUS Act introduces licensing for stablecoin issuers, requires full backing of tokens by dollar assets, and provides oversight by the Federal Reserve. This creates clear rules that could accelerate the widespread adoption of stablecoins in payments and settlements. The market response was positive: Coinbase shares rose by 14%, and Robinhood by 4.5%.
After the IPO on June 5 at a price of $31 per share, CRCL rose by more than 500%, reflecting investor enthusiasm for the potential of stablecoins. Circle's success has attracted the attention of institutional investors such as ARK Invest and SBI Holdings, who are actively buying shares.
Analysts believe that the passage of GENIUS could serve as a catalyst for a broader wave of crypto IPOs and the integration of blockchain technologies into traditional finance. Circle, as a leader in the stablecoin sector, is at the forefront of this transformation, solidifying USDC's position as a key element of the digital economy.
