Nisha Gopalan
1 min read
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Circle Internet Group (CRCL) shares are up 7% in intraday trading Friday, extending gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins.
The GENIUS Act was passed on Tuesday and opens the door for the use of stablecoins by banks, fintech firms, retailers, and others. Stablecoins are cryptocurrencies whose value is tied to another currency or financial asset such as the U.S. dollar. The landmark ruling marks the first major legislation that deals with the digital currency industry that has been approved by Congress.
Shares of Circle—the largest U.S.-based stablecoin issuer—soared 168% in their June 5 debut on the New York Stock Exchange (NYSE) and have continued to rise sharply. After a 34% surge to nearly $200 Wednesday, they enter Friday's session more than six times their initial public offering (IPO) price of $31.
According to The Wall Street Journal, overseas-based Tether, the biggest stablecoin issuer globally, "hasn't shown it can meet the standards outlined in the bill." Tether didn't immediately respond to an Investopedia request for comment.
UPDATE—June 20, 2025: This article has been updated to include fresh share prices.
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