Stablecoin Bill’s Senate Approval Propels Circle Shares to 500% Rally Post-IPO

Circle Stock Soars as Senate Advances GENIUS Act, Signaling Stablecoin Breakthrough

Circle (NYSE: CRCL) surged 34% on Wednesday and added another 6% in after-hours trading after the U.S. Senate passed the GENIUS Act — a milestone bill that could formally enshrine stablecoins as digital cash equivalents under U.S. law.

Shares closed the day at $199.59 and spiked as high as $211.87 in post-market trading. Since Circle’s public debut on June 5, its stock has skyrocketed more than 540%, representing one of the sharpest post-IPO gains for a crypto company.

The GENIUS Act lays out a framework for how U.S. companies can issue and manage fiat-backed stablecoins for payments. While the bill still awaits a vote in the House of Representatives and President Donald Trump’s signature, Wednesday’s Senate passage underscores strong bipartisan momentum for bringing stablecoin regulation into the U.S. financial system.

Circle CEO Jeremy Allaire hailed the development as historic on social media platform X, calling it a pivotal moment for U.S. leadership in digital assets.

“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.”
— Jeremy Allaire (@jerallaire)

Meanwhile, President Trump voiced strong support on Truth Social, asserting the bill would secure America’s leadership in the digital asset space.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS. Digital Assets are the future, and our Nation is going to own it.”
— President Donald Trump

Circle, the issuer of USDC — the world’s second-largest stablecoin — has consistently lobbied for regulatory clarity around stablecoins. Investors appear increasingly convinced that Circle stands to benefit significantly if stablecoins are officially treated as digital cash.

Trading in Circle’s shares was exceptionally active, with volume exceeding 60 million shares — nearly twice the average. CRCL traded in a range between $148 and $200.89, pushing the company’s market capitalization above $48 billion, surpassing several established payments giants.

Bernstein analysts, who initiated coverage on Circle this week, said the legislation could “re-shore stablecoin innovation” by moving activity back from offshore markets to U.S.-regulated issuers.

“The bill clearly defines stablecoins as payment stablecoins,” said analyst Gautam Chhugani, “which places them closer to legal recognition as digital cash and paves the way for widespread adoption beyond crypto-native use cases.”