Quick overview

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CRCL is on fire at the world’s largest stock market.  The issuer of USDC stablecoins (USDC-USD) surged 20% on Friday as investors placed significant bets on the cryptocurrency player, continuing its impressive post-IPO gains. The company is up 600% since its debut in the world’s largest equity market.

Circle is the issuer of the USDC stablecoin, which is backed by the US dollar.

Most of the company’s income comes from “reserve income,” or the money it receives from the sale of Treasury bills or cash held in banks to support its stablecoin.

Jeff Cantwell, an analyst at Seaport Research Partners, said that Circle is a top-tier cryptocurrency “disruptor” with a significant future opportunity.

He argued that a more favorable regulatory environment in the US would benefit the business.

He said, “We believe the total stablecoin valuation will reach $500 billion by the end of next year; in the long run, we think it can reach $2 trillion.”

Cantwell started Circle with a $235 price target and a Buy rating. Shares ended Friday’s trading session just above $240 after rising 80% this week. The shares have increased by about 670 percent since their $31 IPO price.

 Circle saw a sharp increase in value after the GENIUS Act, which establishes a federal framework for stablecoin tokens backed by assets like the US dollar, was passed by the Senate on Wednesday.

Circle co-founder and CEO Jeremy Allaire posted on X after the US Senate passed the GENIUS Act, saying, “History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to groundbreaking legislation being signed into law that will drive US economic and national competitiveness for decades to come.”