Circle (NYSE: CRCL) rose 34% on Wednesday and added another 6% posterity when the US Senate adopted a landmark bill that was the basic work of regulated, dollar-supported stableecoins.
The move pushed Circle’s stock for $ 199.59 on Wednesday’s closure, with a high of $ 211.87 in trading after hours. The share is now over 540% since its debut on June 5 and marks one of the fastest increases for a crypto stock after opening to the public.
The ingenious acted outlined how American companies can issue and manage Fiat-backed stablecoins for payments. It still needs house approval and President Donald Trump’s signature, but the Senate vote signalizes strong Bipartisan support to bring crypto payments into the US regulatory circumference.
“The story is made,” Circle CEO Jeremy Allaire said at X, calling the bill a breakthrough for American competitiveness.
Trump said social post in truth said the bill would make the United States the “undisputed leader in digital assets.”
“The Senate just adopted an incredible bill that will make America the undisputed leader in digital assets – no one will do better, it is pure genius,” Trump’s Truth’s Social Post reads. “Digital assets are the future and our nation will own it.”
Circle, the issuer of USDC, currently the world’s second largest stableecoin at circulating value, has long been pushing for clear rules around cryptodollar. Wednesday’s rally reflects investors’ confidence that Circle will be the largest recipient if the United States formally embraces stablecoins as digital cash equivalents.
Volume rose to over 60 million shares, almost 2 times average. CRCL traded between $ 148 and $ 200.89 a day. Its market capital is now over $ 48 billion and dwarfed more older payments.
Bernstein analysts who initiated CRCL coverage earlier this week said the bill would “gene-shore stableecoin innovation” and withdraw activity from offshore issuers to regulated US players.
“The bill clearly defines stableecoins as payment stablecoins,” said analyst Gautam Chhugani, “to make their legal treatment closer to digital cash -and open the door to mainstream -adoption beyond crypto rails.”
Read more: Compatible stableecoins become the ‘Money layer on the Internet:’ Canaccord
