Circle’s stock Rises Amid Stablecoin Regulation Boost
On June 18, Circle’s stock soared 34%, closing at $199.59. This spike followed the senate’s approval of the GENIUS Act. The act promotes regulation for dollar-backed stablecoins, like Circle’s USD Coin (USDC).
the Senate passed the bill in a 68–30 vote on June 17.It now moves to the House of Representatives. Discussions to schedule a floor vote are set to start next week.
The GENIUS Act requires stablecoin issuers to have federal licenses. It mandates that stablecoins be fully backed by dollar reserves, such as cash or Treasuries. This will enhance clarity adn consumer protection.
- Circle’s stock spiked 34%, reaching $199.59.
- The senate passed the GENIUS act, aiming to regulate stablecoins.
- The bill now heads to the House for further review.
The Act supports Circle’s position as a leading stablecoin issuer. USDC, its main product, is used in decentralized finance and tokenized payments. The market believes clear regulations will boost stablecoin adoption and reduce regulatory risks.
Coinbase’s stock also climbed 14%, while Robinhood’s rose 4.5%, hitting a record $78.35. These increases reflect growing confidence in stablecoin regulations.
While some states, like New York, currently regulate stablecoins, the GENIUS Act aims to establish a unified national standard. This could help streamline the regulatory process for stablecoin issuers in the U.S.
