Circle Internet Group (NASDAQ: CRCL) is up 8.51%, trading at $216.59 on Friday at the time of publication as momentum builds around the GENIUS Act passed on Tuesday.
The act establishes the first comprehensive federal framework for stablecoins, and its passing opens the door for the regulated use of cryptocurrencies like Bitcoin (BTC) among banks and retailers.
For Circle, the largest stablecoin issuer in the country and creator of USD Coin (USDC), the token backed by the U.S. dollar, the Senate’s decision has been a godsend, given that its shares are now up over 596% since the initial public offering (IPO) on June 1, 2025, and the price of $31.
The effects of the GENIUS Act
The GENIUS Act, described by The Wall Street Journal as a “Big Win for Crypto Industry,” is seen as a major step toward a more regulated stablecoin market, which has long been characterized as a regulatory gray zone.
Indeed, the bill outlines requirements including backing tokens with liquid assets like dollars and Treasury bills, as well as monthly public disclosures of reserve holdings.
Andrew Olmem, a former White House economic adviser and managing partner at Mayer Brown, argued that the bill could pave the way for broader adoption of stablecoins as “a rapidly developing financial product and industry.”
At any rate, while passed by the Senate, the bill still needs to clear the House of Representatives before it can be signed by President Donald Trump.
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