Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.
NYSE
Shares of Circle continued to climb on Friday as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act.
The stock was up nearly 13% as excitement continued to build. The bill passed the Senate Tuesday and now heads to the House of Representatives. Shares rose 33% on Wednesday on the news. The market was closed Thursday for the Juneteenth holiday.
Circle is on pace to end the week higher by more than 70%. It has rocketed more than 500% since its initial public offering on June 5.
Stablecoins are cryptocurrencies whose values are pegged to that of another asset, usually the U.S. dollar. Traditionally used as bridge currencies for crypto traders, stablecoins today are benefiting from increased interest by banks and payment firms as the Trump administration rolls back Biden-era crypto policies.
Stablecoins have attracted a groundswell of investor interest in anticipation of regulatory clarity from Congress, as they have the potential to make payments faster and cheaper. Amazon and Walmart are reportedly exploring the possibility of using or issuing their own stablecoins. Uber, Apple and Airbnb are among other big companies reported to be exploring stablecoins in recent weeks.
The GENIUS (short for Guiding and Establishing National Innovation for U.S. Stablecoins) Act seeks to establish a regulatory framework for the use of stablecoins.The House has its own stablecoin legislation in the works, called the STABLE Act.
“The GENIUS Act would meaningfully upgrade dollar payment rails in ways that speed settlement times, improve transparency, promote dollar dominance, and juice U.S. debt demand,” Alex Thorn, head of research at crypto-focused asset manager Galaxy Digital, said in a note to investors. “The bill would add substantial consumer protections, collateral requirements, and regulatory oversight, while creating a pathway for innovators and incumbents to use public blockchains to move dollars worldwide. Getting traditional finance onto public blockchains through stablecoins could also open the door for wider adoption of bitcoin, crypto, and [decentralized finance] generally.”
