Circle Internet Group (CRCL) shares jumped 13% to close at a record $151.14 on Monday as the stablecoin issuer continued its meteoric rise following its blockbuster IPO earlier this month.
The stock hit a session high of $165 before trimming some gains, building on Friday’s 25% surge, as investor enthusiasm around stablecoins — digital tokens backed by reserve assets like the U.S. dollar — continues to grow.
Since its highly anticipated public debut on June 5 at $31 per share, Circle has soared roughly 380%.
Circle’s IPO success comes amid the Trump administration’s push for a friendly framework for cryptocurrencies and the president’s business involvement in the space.
On Monday, Trump Media & Technology Group (DJT) filed with the Securities and Exchange Commission to launch an exchange-traded fund investing in both bitcoin (BTC=F) and ethereum (ETH-USD) — its second crypto ETF filing in under two weeks.
Investor enthusiasm is also rising as the Senate prepares for a final vote this week on legislation aimed at regulating stablecoins.
Bernstein analyst Gautam Chhugani wrote in a note Monday that “stablecoins have brought mainstream attention back to the underlying global rail — the blockchain, and its transformative potential over the long decade.”
Chhugani expects the legislation, called the Stablecoin GENIUS Act, to be the first bipartisan bill passed by the end of this summer.
Circle co-founder, chair, and CEO Jeremy Allaire participates in the State of Crypto Summit in New York on June 12. (AP Photo/Richard Drew)
Circle is the issuer of the stablecoin USDC (USDC-USD), which is backed by the dollar. The company had $60 billion worth of the token in circulation at the end of the first quarter. Circle is the second-largest stablecoin issuer on the market, trailing only Tether, which has nearly $150 billion in circulation. The company generates the bulk of its revenue through “reserve income” — profits earned from the cash reserves backing the USDC stablecoins.
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