Circle Shares (CRCL) Soar 530% Since IPO, Triggered by GENIUS Act Stablecoin Regulation
The stock price of Circle Internet Group (CRCL), the issuer of the USDC stablecoin, has continued to rise since its IPO on June 5. CRCL shares closed at $199.59 on Wednesday, up 33.8% from the opening price of $153.22, and recorded the highest trading volume of 63.5 million shares. Overall, CRCL shares have risen about 530% from its IPO price of $31. This increase is also driven by the passage of the GENIUS Act in the Senate, a bill that regulates the legal framework for stablecoins, which received direct support from President Donald Trump for immediate approval by the House of Representatives.
CRCL's strong performance reflects growing investor confidence in the stablecoin industry, especially with increased interest from large institutions such as banks and technology companies. USDC, which has a market capitalization of $61.4 billion and represents 25% of the total global stablecoin supply, is now also beginning to be adopted on the XRP Ledger network and in Coinbase's derivative product plans. Interest in stablecoins is broadening, with retail giants like Walmart and Amazon considering issuing their own stablecoins, as well as the use of stablecoin USD1 to cover a $2 billion investment from Abu Dhabi into Binance.