Circle's CRCL stock, the issuer of the USDC stablecoin, has become a phenomenon in the US stock market. After its IPO on June 5, 2025, with an opening price of 31 USD per share, CRCL soared over 800% in less than a month, reaching a record high of 298 USD on the morning of June 24. Notably, Circle's fully diluted market capitalization has surpassed 77 billion USD, higher than the current market cap of USDC (around 61.78 billion USD) and nearly equal to Coinbase.
The breakthrough of Circle and the impact from the GENIUS Act
Circle's impressive growth is largely due to the recent passage of the GENIUS Act stablecoin bill by the US Senate. This bill requires stablecoins like $USDC to be backed 1:1 by USD, undergo regular audits, and have user protection mechanisms. Circle has long been known for its strict legal compliance, being the first entity licensed to issue stablecoins in Europe under the MiCA regulation. The establishment of a separate legal framework for stablecoins in the US is now a significant advantage for Circle, contributing to the surge in CRCL shares.
USDC is now the second largest stablecoin globally, after Tether's USDT. However, if the GENIUS Act is signed into law, USDC will have a significant advantage due to its existing compliance with the new legal standards.
Expanding Circle's partner network and vision
In addition, #Circle is aggressively expanding its partner network for USDC in the digital payments sector. Major companies like Stripe, Shopify, American Express, and many derivatives exchanges in the US have begun integrating USDC as collateral and a payment method, further enhancing USDC's position specifically and Circle's overall stature. Hunter Horsley, CEO of Bitwise, commented: “This marks a turning point in the maturity of the digital asset market. Circle and USDC are becoming the backbone of blockchain payments and traditional finance.”
Although it once peaked, CRCL shares have fallen to 263 USD after Cathie Wood's Ark Invest fund took profits, selling 415,844 shares worth about 109.6 million USD. Nevertheless, CRCL remains the largest weighted stock, accounting for up to 13% in the MVIS Global Digital Assets Equity Index, indicating that Circle is highly valued in the global crypto and digital finance ecosystem.