Circle’s stock, the company behind the USDC stablecoin, saw a record jump of 22% after receiving its first buy rating from Seaport Global.
Circle's Stock Surge and Market Influence
Since going public this month, Circle’s shares have increased over 600%. Following a Senate vote focused on the cryptocurrency market, the market cap for these dollar-tied tokens may rise from $260 billion to $2 trillion.
Circle's Plans for a New Payments Network
In April, Circle announced plans to create a payments network that would enable banks and institutions to use stablecoins for cross-border transactions, which could serve as a catalyst for further growth.
Regulatory Changes and Competition
The Senate is also considering bills related to stablecoin operations, aiming to create clearer regulations for cryptocurrency firms. Competitors like Visa and Mastercard are beginning to pay attention to changes in the market.
The stock rise for Circle and the legislative activity signal increasing attention to the stablecoin sector, potentially positioning the company favorably among major players in the financial market.
