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Investing.com -- Circle Internet Group (NYSE: CRCL) stock surged 11% in pre-market trading Friday, extending its 34% gain from the previous day after the U.S. Senate approved a milestone stablecoin bill that could bring regulatory clarity to the cryptocurrency sector.
The bipartisan approval represents a potential turning point for cryptocurrency regulation, particularly benefiting Circle as the issuer of USDC, the second-largest stablecoin. Before becoming law, the bill, known as the GENIUS Act, must still pass the Republican-controlled House of Representatives and receive President Donald Trump’s signature.
Adding to the momentum, Seaport Global Securities analyst Jeff Cantwell initiated coverage on Circle with a Buy rating and a $235 price target, among the first analyst ratings following the company’s IPO due to quiet period restrictions.
"We view Circle as a top-tier crypto ’disruptor’ with a sizeable future opportunity," Cantwell noted in his analysis.
The analyst expects stablecoin adoption to grow rapidly amid an improving regulatory climate, projecting the stablecoin market cap could potentially reach $2 trillion over the longer term, up from roughly $260 billion today.
Circle shares traded at $221, significantly higher than its IPO price of $31, reflecting strong investor confidence in the company’s growth prospects as regulatory frameworks for digital assets continue to evolve.