Circle's Market Value Reaches $66B, Exceeding USDC Circulation

Circle Internet Financial, the issuer of the USDC stablecoin, has reached a market valuation of $66.9 billion, surpassing the $61.3 billion supply of its USDC token. This increase in valuation comes after recent US stablecoin legislation, bringing Circle close to Coinbase's $78 billion market cap. The company's shares surged by over 80% last week, following the US Senate's approval of the GENIUS Act, which provides the first federal framework for dollar-pegged crypto assets.

Despite concerns about a potential bubble due to Circle's high trading price in relation to its net income, the stablecoin market overall is experiencing growth. This is evidenced by the sector's total market cap increasing by $5.671 billion in the last 30 days and a Coinbase report showing $27.6 trillion processed by fiat-linked cryptocurrencies in 2024.