Quick overview

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Circle (CRCL) surged by nearly 20% on Monday, reaching a new intraday high and extending the stablecoin issuer’s explosive growth following its successful initial public offering earlier this month.

The stock rose to $165 before reversing gains as investor interest in stablecoins, building on Friday’s 25 percent spike, Circle has increased by about 400 percent since its eagerly awaited public market debut on June 5 at $31 per share.

Circle is the issuer of the dollar-backed stablecoin USDC (USDC-USD). By the end of the first quarter, the company’s total amount of tokens in circulation was $60 billion. With almost $150 billion in circulation, Circle is the second-largest stablecoin issuer after Tether.

The Trump administration’s efforts to create a framework supportive of cryptocurrencies, along with the president’s business involvement in the industry, coincide with Circle’s successful initial public offering

Trump Media and Technology Group (DJT) filed with the Securities and Exchange Commission on Monday to introduce an exchange-traded fund that invests in bitcoin (BTC=F) and Ethereum.

 Investors’ excitement is strong as the Senate prepares for a final vote on legislation regulating stablecoins this week. “Stablecoins have brought mainstream attention back to the underlying global rail — the blockchain, and its transformative potential over the long decade,” wrote Gautam Chhugani, an analyst at Bernstein, in a note on Monday. Chhugani anticipates that by the end of this summer, the Stablecoin GENIUS Act will be the first bipartisan bill to be passed.