Quick overview

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Circle stock (CRCL) rises for the third consecutive day as investor interest in stablecoins remains high. The stock was up 23% at the first trading session of the week, breaking the $260 resistance line

Shares surged after the Senate passed legislation establishing a federal framework for stablecoins, digital tokens backed by assets like the US dollar.

Wall Street strategists also identified deal-making in the digital asset space as another advantage for the USDC stablecoin issuer (USDC-USD).

Fintech company Fiserv (FI) announced it would use the infrastructure from issuers Paxos and Circle to launch a digital asset platform by the end of this year, including a new stablecoin (FIUSD).

Jeff Cantwell, an analyst at Seaport Research Partners, wrote in a note on Monday, “For CRCL, we like seeing its inclusion as a leading partner of FI as FI develops its stablecoin – this is a nice ‘win’ for CRCL, which highlights the company’s ongoing rise.’

Cantwell initiated coverage of Circle last week with a $235 price target and a Buy rating. Since their June 5 IPO price of $31, shares have increased by more than 800 percent. Last Wednesday, the stock jumped after the Senate passed the GENIUS Act, a piece of legislation that Wall Street expects the House to pass and the President will sign this year..