Circle stock soars again as Senate passes groundbreaking Stablecoin Bill, analysts say it's still a Buy
Circle Internet Group Inc
's stock has continued its rally on Friday as investor enthusiasm skyrocketed after the Senate approved the
GENIUS Act
, a regulatory framework for the use of stablecoins, as per a report.
Circle's Stock Keeps Climbing After Stablecoin Bill Boost
The financial services company is set to end the week higher by over 58% and has surged over 500% since its initial public offering on June 5, reported CNBC. According to the report, Circle's stock increased almost 17% earlier in the day.
Analysts Still See More Upside
While, this has led Seaport Research Partners analyst Jeff Cantwell to issue Circle with a buy rating and a price target of $235 a share, about 18% above the stock's closing level of $199.59 a share on Wednesday, as per Market Watch.
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The GENIUS bill, which stands for Guiding and Establishing National Innovation for US Stablecoins, passed the Senate on Tuesday and now will head to the House of Representatives, after this announcement, Circle's shares jumped 33% on Wednesday, reported CNBC.
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How GENIUS Bill Could Change Everything
Head of research at crypto-focused asset manager Galaxy Digital, Alex Thorn said, 'The GENIUS Act would meaningfully upgrade dollar payment rails in ways that speed settlement times, improve transparency, promote dollar dominance, and juice U.S. debt demand,' quoted CNBC.
He also pointed out that, 'The bill would add substantial consumer protections, collateral requirements, and regulatory oversight, while creating a pathway for innovators and incumbents to use public blockchains to move dollars worldwide. Getting traditional finance onto public blockchains through stablecoins could also open the door for wider adoption of bitcoin, crypto, and [decentralized finance] generally," as quoted in the report.
Thorn's remark comes as stablecoins have attracted investor interest, especially after Amazon, Walmart Uber, Apple and Airbnb are reportedly exploring the possibility of using or issuing their own stablecoins, according to CNBC.
FAQs
Why is Circle's stock rising so fast?
Mainly because the US Senate passed a bill that could bring stablecoins into the financial mainstream, and Circle is a major player in that space.
What happens next for the GENIUS Act?
It goes to the House of Representatives, where lawmakers will debate and vote on it, as per reports.
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