Circle Stock Continues Surge, Briefly Surpassing Coinbase Market Cap

Circle's stock surged post-IPO, briefly surpassing Coinbase in market cap. The GENIUS Act further boosted market confidence in stablecoins.
What’s the Scoop?
- Circle Rises Post-IPO: Circle's stock, trading under CRCL, surged 600% since its IPO. It hit $298 per share, pushing its market cap over $77 billion.
- GENIUS Act Boost: Last week’s Senate approval of the GENIUS Act bolstered investor optimism, setting regulatory guardrails for fully-backed stablecoins.
- Market Dynamics: Circle's growth contrasts with Coinbase's broader business lines. Analysts question Circle's elevated valuation despite shared USDC revenues.