“Circle”, the issuer of the stablecoin USDC, recorded a market value of $66.9 billion, surpassing the circulating supply of its stablecoin valued at $61.3 billion.
This rise is driven by increasing investor confidence following the U.S. Senate's approval of the new stablecoin law (GENIUS), which is expected to establish the first comprehensive regulatory framework for these assets in the United States.
Shares of the company “Circle”, symbolized by (CRCL), rose by 10% on Monday, closing at $263.45, achieving a total gain of 800% since its launch in early June.
The company's shares have risen by more than 80% over the past week alone, supported by the announcement from “Fiserv” about its intention to launch a stablecoin backed by the infrastructure of “Circle” by the end of the year.
The new law imposes strict regulatory requirements, including full backing for currencies, periodic audits, and approval from regulatory authorities, paving the way for banks and fintech companies to enter the sector.
Despite the momentum, the valuation of “Circle”, which is close to Coinbase's valuation of $78 billion, raises some concerns about a potential bubble.
Some analysts see an exaggeration based on future expectations rather than current financial fundamentals.
This comes in the context of a comprehensive expansion in the stablecoin market, which has a total size of over $251 billion, an increase of nearly $5.7 billion over the past 30 days.
Tether (USDT) captured 62% of the market with a total supply of $156 billion, followed by USDC with a 24% share, reinforcing “Circle”'s position as a key player in this thriving sector.
