Circle’s CRCL shares climbed 34% and closed at $199.59 on June 18 after registering a new all-time high at $200.90.
The new price peak is roughly 6.5x the company’s initial public offering price of $31 set on June 5.
The price leap came one day after the Senate advanced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in a 51–23 vote, clearing the bill for House consideration.
Circle CEO and co-founder Jeremy Allaire said “history is being made” following the approval. He added that signing the GENIUS Act into law will drive US economic and national competitiveness for decades to come.
House Financial Services Committee staff said scheduling discussions for the bill will begin next week, though no floor date has been announced. Supporters aim to send the legislation to President Donald Trump before the August recess.
Furthermore, equity traders viewed the vote as a catalyst for the sector. Coinbase’s COIN shares added 14%, while Robinhood’s HOOD advanced 4.5% and registered a new all-time high at $78.35.
GENIUS Act set framework for stablecoins
The GENIUS Act requires payment stablecoin issuers to hold reserves equal to outstanding tokens, restricts those reserves to cash or short-dated Treasuries, bars yield payments, and mandates segregated accounts.
Issuers with more than $10 billion in liabilities would need a federal charter; smaller firms could operate under qualifying state regimes.
The bill also orders the Treasury Department to release quarterly audit templates and grants the Commodity Futures Trading Commission limited oversight of spot markets.
Circle issues USDC, the second-largest dollar-pegged stablecoin. The company earns interest on Treasuries backing USDC and already retains those earnings, positioning it to comply with GENIUS without altering its revenue model.
Coinbase shares in that reserve income through a distribution agreement tied to balances custodied on its platform.
Circle’s close on June 18 lifts its market capitalization above $48 billion, ranking the new listing among the year’s strongest performers on the New York Stock Exchange.
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