Circle stock leaps to $200 record after 34% daily gain

Circle’s CRCL shares climbed 34% and closed astatine $199.59 connected June 18 aft registering a caller all-time precocious astatine $200.90.

The caller terms highest is astir 6.5x the company’s archetypal nationalist offering terms of $31 acceptable connected June 5.

The terms leap came 1 time aft the Senate precocious the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in a 51–23 vote, clearing the measure for House consideration.

Circle CEO and co-founder Jeremy Allaire said “history is being made” following the approval. He added that signing the GENIUS Act into instrumentality volition thrust US economical and nationalist competitiveness for decades to come.

House Financial Services Committee unit said scheduling discussions for the measure volition statesman adjacent week, though nary level day has been announced. Supporters purpose to nonstop the authorities to President Donald Trump earlier the August recess.

Furthermore, equity traders viewed the ballot arsenic a catalyst for the sector. Coinbase’s COIN shares added 14%, portion Robinhood’s HOOD precocious 4.5% and registered a caller all-time precocious astatine $78.35.

GENIUS Act acceptable model for stablecoins

The GENIUS Act requires outgo stablecoin issuers to clasp reserves adjacent to outstanding tokens, restricts those reserves to currency oregon short-dated Treasuries, bars output payments, and mandates segregated accounts. 

Issuers with much than $10 cardinal successful liabilities would request a national charter; smaller firms could run nether qualifying authorities regimes. 

The measure besides orders the Treasury Department to merchandise quarterly audit templates and grants the Commodity Futures Trading Commission constricted oversight of spot markets.

Circle issues USDC, the second-largest dollar-pegged stablecoin. The institution earns involvement connected Treasuries backing USDC and already retains those earnings, positioning it to comply with GENIUS without altering its gross model. 

Coinbase shares successful that reserve income done a organisation statement tied to balances custodied connected its platform.

Circle’s adjacent connected June 18 lifts its marketplace capitalization supra $48 billion, ranking the caller listing among the year’s strongest performers connected the New York Stock Exchange.

The station Circle banal leaps to $200 grounds aft 34% regular gain appeared archetypal connected CryptoSlate.