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3mo ago

Senate Approval of GENIUS Act Fuels Circle Stock Rally

Now under House consideration, the bill introduces liquid-asset backing rules with monthly reserve reporting requirements.

Circle Internet stock is skyrocketing after Congress passes stablecoin legislation.
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Circle debuted on the New York Stock Exchange in early June.
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Overview

  • The U.S. Senate passed the GENIUS Act on June 17, setting guidelines for stablecoins to be backed by liquid assets such as U.S. dollars or short-term Treasurys.
  • Circle Internet Group shares have climbed over 500% since its June 5 IPO and jumped as much as 19% in early trading following the Senate vote.
  • The legislation now heads to the House of Representatives for debate, where its approval will determine the first comprehensive U.S. stablecoin framework.
  • Seaport Research Partners and other firms have assigned Circle buy ratings with price targets above $230 and project the stablecoin market could reach $2 trillion long term.
  • Companies including Amazon, Walmart, Bank of America and Stripe are exploring stablecoin issuance to accelerate cross-border transactions.