Tech stock surges 30% in breakout rally after ‘genius’ move originally appeared on TheStreet.
The stock of Circle Internet Group (NYSE: CRCL), the company behind the USDC stablecoin, surged 30% to reach as high as $199.60 on June 18.
This comes a day after the Senate passed the GENIUS Act, that deals with stablecoin legislation, with a 68-30 vote.
A stablecoin is a type of cryptocurrency that aims to maintain a stable value, unlike traditionally volatile cryptocurrencies such as Bitcoin. Circle’s USDC does so as it is pegged pegged 1:1 to the U.S. dollar.
As per DeFiLlama, the total stablecoin market cap is $251.66 billion.
Tether’s USDT is the largest stablecoin which has a market share of $156.39 billion and accounts for 62% market share.
With a market cap of $61.07 billion, USDC accounts for nearly 25% share which makes it the second-largest stablecoin.
With Wall Street giants, such as JP Morgan Chase, Citigroup, and Goldman Sachs, as underwriters, Circle made a spectacular debut on June 5. The stock opened at $69, 124.19% above the IPO price of $31.
The stock reached its previous ATH of $165.60 on June 16 amidst the Iran-Israel war and again hit a new record hit as the Senate passed the much-awaited bill.
Circle CEO Jeremy Allaire wrote on X, “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.”
Stocks of crypto trading exchanges also witnessed a rally. The largest crypto exchange in the U.S., Coinbase (Nasdaq: COIN), soared 16% to $295.70. Robinhood (Nasdaq: HOOD) also rose 4.50% to $78.33.
Tech stock surges 30% in breakout rally after ‘genius’ move first appeared on TheStreet on Jun 18, 2025
This story was originally reported by TheStreet on Jun 18, 2025, where it first appeared.
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