Circle’s stock (NYSE: CRCL) soared by a remarkable 34% on Wednesday, tacking on an additional 6% in after-hours trading, as the U.S. Senate passed a groundbreaking bill that lays the foundations for regulated, dollar-backed stablecoins. This legislative milestone catapulted Circle’s stock price to a closing of $199.59, hitting a peak of $211.87 after trading hours. Since its debut on June 5, Circle’s stock has skyrocketed over 540%, marking one of the most rapid ascents for a crypto stock post-IPO.
Senate’s Bold Move Sparks Market Surge
The legislative push, embodied in the GENIUS Act, delineates how U.S. companies can issue and manage fiat-backed stablecoins for payment purposes. While the bill still awaits approval from the House and President Donald Trump’s signature, the Senate’s overwhelming support signals a strong bipartisan agreement to integrate crypto payments into the U.S. financial regulatory framework. As detailed in Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says, the bill’s backing reflects a rare consensus among lawmakers on the future of digital finance.
“History is being made,” announced Circle CEO Jeremy Allaire on social media platform X, lauding the bill as a pivotal moment for U.S. competitiveness in the global digital asset arena. Meanwhile, Trump took to Truth Social, proclaiming the legislation would position the U.S. as the “undisputed leader in digital assets,” underscoring his administration’s commitment to digital innovation.
Circle, the issuer of USDC—the world’s second-largest stablecoin by circulating value—has persistently advocated for regulatory clarity around crypto dollars. The market’s enthusiastic response on Wednesday underscores investor confidence that Circle is poised to become the primary beneficiary should the U.S. fully embrace stablecoins as digital cash equivalents.
Market Dynamics and Expert Insights
Trading volume for Circle surged past 60 million shares, nearly double its average, with CRCL prices fluctuating between $148 and $200.89 throughout the day. Circle’s market capitalization now exceeds $48 billion, eclipsing several traditional payment firms and hinting at its potential to redefine the financial landscape.
Analysts at Bernstein, who recently initiated coverage on Circle, commented that the GENIUS Act could “re-shore stablecoin innovation,” shifting the activity from offshore issuers to regulated U.S. players. Gautam Chhugani, a Bernstein analyst, noted that the bill categorizes stablecoins as “payment stablecoins,” aligning their legal treatment more closely with digital cash and paving the way for widespread adoption beyond the current crypto infrastructure. For more on the legislative journey, see Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins.
“Making stablecoins legally akin to cash opens the door for them to become the ‘money layer of the internet,'” Chhugani added, pointing to the potential for these digital assets to seamlessly integrate into everyday financial transactions.
A New Chapter for Digital Currency
As Circle continues to ride the wave of investor optimism, questions linger about the broader implications of this legislative move. Will the GENIUS Act trigger a domino effect, prompting other nations to follow suit in regulating stablecoins? How will legacy financial institutions respond to the encroachment of digital currencies in their domain?
While the path forward remains uncertain, the Senate’s approval marks a significant step towards a future where digital currencies could become a staple of the financial ecosystem. As stakeholders await further developments, one thing is clear: the landscape of digital finance is on the brink of transformation.
In the coming months, as the GENIUS Act advances through the legislative process, all eyes will be on Circle and its role in shaping this new era of digital finance. The potential for stablecoins to revolutionize payments, both domestically and internationally, raises intriguing possibilities—and challenges—for regulators, financial institutions, and market participants alike.
Source
This article is based on: Circle Rockets After Stablecoin Bill Clears Senate, Pushes Post-IPO Rally to Over 500%
Further Reading
Deepen your understanding with these related articles:
- Crypto Market Structure Bill Moves Out of House Committees, Stablecoin Action Pending
- Ripple’s Brad Garlinghouse Says Circle IPO Signals U.S. Stablecoin Regulation Ahead
- Stablecoin Fever With Circle Soaring Another 40%: Apple, X Among Those Reportedly Wanting In
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
