Shares of Circle Internet Financial (NYSE: CRCL) surged 18.6% on Monday, extending a sharp rally that has seen the stock jump more than fivefold from its initial public offering two weeks ago.
Circle made its trading debut on the New York Stock Exchange on June 5 after pricing its IPO above range. The company had initially aimed to sell 24 million shares at $24 to $26 apiece but expanded the offering to 34 million shares due to overwhelming demand. The deal was oversubscribed by 25 times.
Founded in New York, Circle is the issuer of USDC, the world’s second-largest stablecoin with a 27% share of the global market, trailing only Tether’s USDT, which holds 67%.
Circle is considered a rare pure-play crypto stock, with its business fully centered on stablecoins and digital asset infrastructure—unlike broader fintech names such as Block or MicroStrategy.
Investor enthusiasm may be fueled by anticipation of US regulatory developments. Analysts at Bernstein pointed to the proposed GENIUS Act—expected to pass by summer—which could provide a pivotal regulatory framework for stablecoins. The legislation would mandate full backing by short-term US Treasuries, prohibit non-compliant foreign issuers, and formally recognize stablecoins as digital cash rather than securities or deposits.
Bernstein called the bill a potential “turning point” for the sector that could establish the foundation for a decade of financial innovation.