Circle surged after the approval of the stablecoin bill in the Senate
CRCL debuted in the market on June 5 and has already accumulated a rise of more than 300%
Circle is the issuer of the stablecoin USD Coin (USDC).
The GENIUS Act regulates the issuance of digital dollars in the United States.
The stock of Circle (CRCL), the issuer of the stablecoin USD Coin (USDC), marked a new all-time high price yesterday, June 18, after surpassing the $200 barrier.
This price increase occurred after the United States Senate approved the National Innovation Guidance and Establishment Act for Stablecoins, better known as the GENIUS Act, a regulation that seeks to regulate the issuance of stablecoins in that country.
The price increase reflects the market's perception of Circle, as it is a U.S. company that has complied with regulatory standards. At the time of publishing this note, the trading price of CRCL is $199:
The project establishes a regulatory framework for stablecoins that maintain a 1:1 parity with the dollar. It is a regulation aimed at integrating stablecoins into the financial system of the United States.
After its approval in the Senate, the GENIUS Act must be addressed in the House of Representatives.
Finally, it is worth noting that CRCL debuted on June 5 on the New York Stock Exchange (NYSE) and has already accumulated a rise of over 300% compared to its initial public offering (IPO) price. One point to highlight is that Coinbase, the largest exchange in the United States, has a significant equity stake in Circle, which reinforces market confidence
