Reuters: Circle Closes Up 33.8%, Stablecoin Market Poised for New Growth if Trump Signs Genius Act

According to Reuters, the rare bipartisan support in the United States for advancing the stablecoin bill in the Senate has led to a significant surge in U.S. crypto-related stocks. Circle closed up 33.8%, while Coin ended the day up 16%. Bernstein analysts noted that once the Genius Act is passed into law (possibly by late summer), stablecoins are expected to evolve from the monetary rails of cryptocurrencies to the monetary rails of the internet. Barclays analysts stated that if Trump signs this stablecoin bill into law within the year, it would become one of the most important pieces of cryptocurrency legislation and bring new growth to the stablecoin market, potentially boosting the revenues of digital asset infrastructure companies such as Circle.