Senate Clears Stablecoin Law, Sending Circle’s Post-IPO Surge Beyond 500%

Circle Soars 34% as Senate Passes Landmark Stablecoin Bill

Circle (NYSE: CRCL) surged 34% on Wednesday, with shares climbing further after hours, following the U.S. Senate’s approval of the GENIUS Act—a major legislative step toward regulating fiat-backed stablecoins in the U.S.

The company’s stock closed at $199.59 and reached $211.87 in extended trading, bringing its gains since debuting on June 5 to more than 540%. It’s one of the strongest post-IPO performances among crypto firms.

The GENIUS Act—short for Guiding and Establishing National Innovation for U.S. Stablecoins—lays out the framework for issuing dollar-backed digital assets under federal oversight. While it still needs to pass the House and receive President Trump’s signature, the Senate vote signals broad bipartisan support for establishing stablecoins as a legitimate part of the U.S. financial system.

Circle CEO Jeremy Allaire called the vote “history in the making,” posting on X that the legislation is a breakthrough for U.S. competitiveness in the digital economy.

“One step closer to breakthrough legislation being signed into law that will drive U.S. economic and national competitiveness for decades to come.” — @jerallaire

President Trump echoed that sentiment, writing on Truth Social that the bill will make the U.S. “the UNDISPUTED Leader in Digital Assets.”

Circle, the issuer of the USDC stablecoin, has long advocated for clear rules around digital dollars. The market responded with optimism that the company is well-positioned to benefit from a regulated environment that legitimizes stablecoins as “digital cash equivalents.”

More than 60 million CRCL shares changed hands—nearly double the average daily volume—as the stock traded between $148 and $200.89. Circle’s market cap now exceeds $48 billion, eclipsing several legacy payment companies.

Analysts at Bernstein, who began coverage of Circle this week, said the bill could shift stablecoin activity from offshore jurisdictions back to U.S.-regulated platforms.

“The law explicitly defines these assets as ‘payment stablecoins,’ giving them legal clarity as digital cash,” said analyst Gautam Chhugani, “and opening the door for adoption far beyond the crypto-native space.”