Circle Internet Group (CRCL) jumped 13% to close at a record $151.14, riding the momentum of its blockbuster IPO earlier this month. The stablecoin issuer’s stock hit an intraday high of $165 before paring gains, adding to Friday’s 25% surge.
Since debuting on June 5 at $31, Circle’s stock has soared nearly 380%, fueled by growing investor enthusiasm for stablecoins — digital tokens backed by reserve assets like the US dollar. Circle is the issuer of USDC, with $60 billion in circulation, making it the second-largest stablecoin behind Tether.
Investor confidence is also boosted by pro-crypto sentiment from the Trump administration. Trump Media recently filed for a crypto ETF, its second in two weeks, while the Senate prepares to vote on the Stablecoin GENIUS Act — a bill analysts expect to become the first bipartisan crypto regulation.