Circle's stock nears $200 per share, rises over 500% two weeks after going public

The share price of the stablecoin issuer Circle Internet Group (ticker CRCL) continues to surge two weeks after the firm's initial public offering.

CRCL closed Wednesday's trading day at $199.59, notching a 33.8% increase from its opening price of $153.22, according to The Block's data . The stock hit a record-high volume of 63.5 million shares traded, Yahoo Finance shows , and climbed another 6% in Wednesday's after-hours session.

Circle's stock price has since risen about 530% from its IPO listing price of $31 on June 5. The Guiding and Establishing National Innovation for U.S. Stablecoins ( GENIUS ) Act, which aims to create an overarching regulatory framework for stablecoins, passed the Senate on Tuesday and may have contributed to Circle's stock surge. The bill now moves on to the House of Representatives, which the United States President Donald Trump urged to pass — and quickly, adding "get it to my desk, ASAP."

The GENIUS Act vote also led to a spike in Coinbase's stock , which rose 16% on Wednesday.

CRCL's strong performance could not only reflect renewed investor confidence in stablecoins, which have attracted increased big bank and big tech interest this year, but might signal a favorable market for the other crypto firms, such as digital asset exchange Gemini and Kraken , also considering going public in 2025.

Circle issues USDC, the second-largest USD-pegged stablecoin behind Tether's USDT and seventh-largest cryptocurrency by its market capitalization of $61.4 billion. The Block's Data Dashboard shows that USDC comprises 25% of the total stablecoin supply of $243 billion as of June 19.

USDC use cases have recently expanded across the cryptocurrency industry, with Ripple-connected Layer 1 blockchain XRP Ledger adopting USDC and Coinbase Derivatives laying a roadmap to enable USDC as collateral for U.S. futures trading by 2026.

As USDC usage rises, broader interest in the stablecoin industry has soared this year. Retail giants such as Walmart and Amazon are considering launching their own stablecoins, and even USD1, a stablecoin issued by the Trump-linked DeFi project World Liberty Financial, was used to close the record $2 billion investment from the Abu Dhabi investment firm into the crypto exchange Binance, The Block previously reported.

The Block reached out to Circle for comment.