Circle Internet Group, Inc. CRCL, the issuer behind the USD Coin USDC/USD stablecoin, has stunned Wall Street with a meteoric 540% surge since its IPO on June 5. The stock closed at $199.59 on Wednesday, propelling Circle's valuation to nearly $50 billion. 

What To Know: Circle's explosive rally gained more momentum Wednesday after the U.S. Senate's passage of the GENIUS Act, a landmark bill that would formally regulate dollar-backed stablecoins and integrate them into the U.S. financial system. 

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The legislation, which still needs approval from the House of Representatives and President Donald Trump's signature, is viewed as a turning point for the digital asset industry, providing legal clarity and paving the way for mainstream adoption of stablecoins such as USDC.

Cathie Wood, CEO of ARK Invest and a prominent backer of digital assets, expressed confidence in Circle's future during ARK's June Fund mARKet Update Webinar released Thursday. 

"We've just begun on a very big journey here,” Wood said, framing the Senate vote as the start of a new era for regulated digital payments. 

Circle CEO Jeremy Allaire hailed the Senate's decision as “history being made," and said the bill will "drive U.S. economic and national competitiveness for decades to come," in a post on X. 

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USDC already commands 25% of the $245 billion stablecoin market and investors are betting that Circle's rocket ride is far from over. As regulatory clarity emerges, both Wall Street and the crypto world are watching to see just how high Circle can soar.

CRCL Stock Price Action: According to data from Benzinga Pro, Circle shares were up another 10.75% at $221.04 on Friday at publication. 

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