Tech stock Circle Internet Group surges 30% to $199.60 after Senate approval of GENIUS Act

From Yahoo Finance: 2025-06-18 19:06:00

Circle Internet Group stock surged 30% to hit $199.60 after the Senate passed the GENIUS Act with a 68-30 vote, impacting stablecoin legislation. USDC, pegged 1:1 to the U.S. dollar, is the second-largest stablecoin with a 25% market share of $61.07 billion.

The total stablecoin market cap is $251.66 billion, with Tether’s USDT leading at $156.39 billion, holding a 62% market share. Following closely behind is USDC, with a market cap of $61.07 billion, representing nearly 25% market share.

Circle, underwritten by Wall Street giants, saw a remarkable debut on June 5, opening at $69, 124.19% above the IPO price. The stock hit a new all-time high of $199.60 after the Senate’s approval of the GENIUS Act, impacting its value positively.

CEO Jeremy Allaire expressed excitement on X about the Senate passing the GENIUS Act, signaling a step towards groundbreaking legislation that will enhance U.S. economic and national competitiveness. Stocks of crypto exchanges like Coinbase and Robinhood also surged, with Coinbase jumping 16% to $295.70 and Robinhood rising 4.50% to $78.33.



Read more at Yahoo Finance: Tech stock surges 30% in breakout rally after ‘genius’ move