Circle Surges Over 30% as Senate Passes Landmark Stablecoin Bill, Eyes Digital Cash Future

Circle (NYSE: CRCL) rocketed 34% higher on Wednesday, tacking on another 6% in after-hours trading, as the U.S. Senate approved a pivotal bill that could formally integrate stablecoins into the financial system as digital cash equivalents.

Shares closed at $199.59, climbing as high as $211.87 after hours. Since its June 5 debut, Circle’s stock has now soared more than 540%, marking one of the fastest post-IPO rallies in crypto equity history.

The legislation, known as the GENIUS Act, establishes clear guidelines for how U.S. companies can issue and manage fiat-backed stablecoins for payments. Although it still requires approval in the House of Representatives and President Donald Trump’s signature, the Senate vote underscores bipartisan momentum toward bringing crypto payments under regulatory oversight.

“This is a historic moment,” Circle CEO Jeremy Allaire posted on X, celebrating the bill as a milestone for America’s global economic leadership.

“History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to breakthrough legislation being signed into law that will drive US economic and national competitiveness for decades to come.”
— Jeremy Allaire (@jerallaire)

President Trump echoed the enthusiasm on Truth Social, declaring that the legislation would cement the United States as the “undisputed leader in digital assets.”

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS. Digital Assets are the future, and our Nation is going to own it.”
— President Donald Trump

Circle, the issuer of USDC — the world’s second-largest stablecoin — has long advocated for regulatory clarity in the stablecoin space. Investors appear convinced that Circle stands to benefit significantly if stablecoins are recognized officially as digital cash alternatives.

Trading volume in Circle shares surged past 60 million on Wednesday, nearly double the daily average, with CRCL shares fluctuating between $148 and $200.89. The company’s market capitalization has now surpassed $48 billion, placing it above several traditional payment industry players.

Analysts at Bernstein, who began coverage on CRCL earlier this week, said the GENIUS Act could “re-shore stablecoin innovation,” shifting activity back to regulated U.S. issuers from offshore platforms.

“The bill clearly defines stablecoins as payment stablecoins,” noted analyst Gautam Chhugani, “effectively treating them like digital cash—and opening the door for broader adoption beyond crypto-native applications.”

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