Circle jumped 12%; CONL up 10% and Coinbase up 4.7%.

Several factors appear to be driving Circle's renewed momentum:

1. Analyst optimism: Wall Street continues to express confidence in Circle's long-term prospects. Seaport Global analyst Jeff Cantwell recently initiated coverage on Circle with a buy rating, projecting significant growth for the stablecoin market. Cantwell anticipates the total stablecoin market cap could potentially reach $2 trillion over the longer term, up from roughly $260 billion today.

2. Stablecoin legislation: Investors are still processing the implications of the recently passed GENIUS Act by the U.S. Senate. This legislation aims to establish a regulatory framework for stablecoins and is viewed as a positive development for companies like Circle. As the issuer of USDC, the second-largest stablecoin with a $61 billion market cap, Circle stands to benefit from increased regulatory clarity and potential mainstream adoption of digital dollars.

3. Market leadership: Circle's USDC maintains its position as a leading stablecoin, capturing approximately 25% of the market share. This strong market presence positions the company to capitalize on the growing demand for compliant digital dollars in the financial ecosystem.

As the stablecoin market continues to evolve and potentially expand, Circle's stock remains a focal point for investors seeking exposure to this burgeoning sector of the crypto industry. However, it's worth noting that the stock's rapid ascent and high valuation multiples may lead to continued volatility as the market assesses the company's long-term growth prospects and competitive positioning.