US Senate Passes Stablecoin Bill Boosting Circle Shares 17%

Circle Internet Group's shares have surged dramatically following the U.S. Senate's passage of the GENIUS Act, a bill establishing a federal regulatory framework for stablecoins, including USDC, Circle's flagship dollar-backed stablecoin. The legislation brings long-awaited clarity to the crypto industry, enabling banks and large investors to engage more confidently and potentially accelerating mainstream adoption. Wall Street analysts, such as Jeff Cantwell from Seaport Global, have issued Circle's first buy rating with a price target of $235, citing the company's strong growth potential amid an improving regulatory environment. Circle's stock has soared more than 600% since its IPO, driven by optimism about stablecoins' future, which market experts predict could reach a $500 billion market cap by next year and potentially $2 trillion longer term. CEO Jeremy Allaire envisions stablecoins like USDC evolving from fintech tools into foundational financial infrastructure, akin to an "iPhone moment" for digital finance. While the bill still needs House approval and the President's signature, investors are already embracing the development as a major milestone for the crypto ecosystem and Circle's leadership within it.