Circle stock surges 53% after Senate passes GENIUS stablecoin bill
Shares of the first publicly-traded stablecoin company Circle continued to surge on Friday after the Senate passed legislation that would establish a regulatory framework for stablecoins, a type of cryptocurrency designed to maintain a value in line with the U.S. dollar, earlier this week.
Shares of Circle are up 53%, soaring from $148 to $227, since the market opened on Wednesday after the legislation passed in the Senate on Tuesday night. Shares of other crypto-related companies increased on the news with Coinbase, the leading crypto exchange in the U.S., gaining 20% since Wednesday.
The legislation, known as the GENIUS act, is a first-of-its-kind bill that would establish regulations and consumer protections for stablecoin…
