On July 16, during trading, the stock price of stablecoin issuers surged by 15%. U.S. House Financial Services Committee Chairman Hill stated that there are enough votes to advance the stablecoin bill. This news brought favorable policy developments for cryptocurrency companies like Circle.

Meanwhile, institutional adoption and policy support are driving a general recovery in the cryptocurrency market. Ethereum has broken the $3100 barrier, and major Wall Street banks such as JPMorgan and Citigroup have expressed intentions to enter the stablecoin business, indicating a shift in traditional financial institutions' attitudes towards crypto assets.

As the issuer of USDC, the world's second-largest stablecoin, Circle is expected to benefit from these positive developments. With the regulatory framework for stablecoins gradually becoming clearer and increased institutional participation, the market holds an optimistic outlook for Circle's future, driving its stock price up. $SOL