CRCL jumped 34% in one day. Coinbase and Robinhood are also rising after the vote on the GENIUS Act

Shares of the USDC issuer #Circle under the ticker CRCL rose 34% and closed at $199.59 - just a few cents shy of the new all-time high of $200.90. The rise occurred the day after the US Senate approved the advancing GENIUS Act, which regulates the stablecoin market.

Since trading began on the exchange on June 5, when the placement price was $31, CRCL quotes have increased more than sixfold. Circle's capitalization now exceeds $48 billion, making the company one of the leaders in yield among recent public listings on the NYSE.

The GENIUS Act launches a new phase for the industry

The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) has received support from 51 senators and is now headed for consideration in the House of Representatives. Among the provisions:

  • Mandatory 1:1 backing for stablecoins

  • Reserve - only in the form of cash or short-term government bonds

  • Ban on paying returns to holders

  • Separate accounts for reserves

  • CFTC control over spot markets

  • Federal license requirement for issuers with liabilities over $10 billion

The Treasury Department has been tasked with developing templates for regular audits and reporting standards. The goal is to create a transparent and regulated infrastructure for stablecoins that will foster sector growth.

Circle and Coinbase are ready - the market is reacting

Circle, the issuer of the second largest dollar stablecoin $USDC , is already using reserves in short-term Treasuries and does not pay returns on tokens. This allows the company to easily fit into the requirements of the GENIUS Act without changing its business model.

Moreover, Circle shares revenue from reserves with Coinbase, which is the largest custodian of USDC. Against this backdrop, Coinbase (COIN) shares rose 14% after news from the Senate. Robinhood (HOOD) added 4.5% and updated its all-time high - $78.35.

Analysts link the rise in shares to the fact that the approval of the GENIUS Act reduces regulatory risks for major players and opens the way for widespread adoption of stablecoins in the USA.

Support in Congress is growing

Members of the House Financial Services Committee stated that discussions on the voting schedule will begin next week. While the date for the vote has not been set, the goal of the bill's supporters is to deliver the text for President Donald Trump’s signature before Congress’s August recess.

Co-founder and CEO of Circle Jeremy Allaire commented:

"Right now, history is being made. The passage of the GENIUS Act will strengthen the economic positions of the USA for decades to come."

What’s next?

If the GENIUS Act is passed by both chambers of Congress and signed by the president, the stablecoin market in the US will receive clear rules. This will strengthen trust among both institutional and retail investors. Circle has already taken a comfortable position against this backdrop, and judging by the response of the stock market, investors have appreciated it.