Circle, the issuer of the USD Coin (USDC) stablecoin, is edging closer to a $50 billion valuation after a major rally in its stock price.
Since debuting at $31, Circle’s shares (CRCL) have climbed over 540%, now trading around $200, according to Yahoo Finance.
This surge has helped push Circle’s valuation to approximately $48.4 billion as of press time.
While impressive, this figure still trails other major crypto-related firms. Coinbase (COIN), the largest crypto exchange in the US, is valued at over $75 billion. On the other hand, Strategy (formerly MicroStrategy), known for its aggressive Bitcoin accumulation, currently boasts a market cap north of $103 billion.
Market observers have suggested that Circle’s momentum appears tied to growing US regulatory clarity for the stablecoin industry.
This week, the US Senate passed the GENIUS Act, a landmark bill designed to regulate companies’ issuance and use of dollar-backed stablecoins.
The legislation, backed by US President Donald Trump, is now heading to the House of Representatives for debate.
If signed into law, the bill could provide a legal backbone for Circle’s core business model, boosting investor confidence and mainstream adoption of USDC.
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Source: https://cryptoslate.com/insights/circles-stock-rally-propels-valuation-to-nearly-50-billion/