Latest news with #Circle
Fast Company
an hour ago
- Business
- Fast Company
Circle stock price today: CRCL shares rise again after Senate passes stablecoin bill. Here's the latest
The share price of crypto and fintech company Circle Internet Group (NYSE: CRCL) is rising yet again today in early market trading. After the stock jumped over 33% on Wednesday (markets were closed for Juneteenth on Thursday), shares in the newly publicly traded company were up as high as another 15% in premarket trading this morning. And you can thank the U.S. Senate for that. Here's what you need to know. What is Circle? Circle Internet Group, better known as Circle, is a fintech company that offers a range of financial products. Circle was founded in 2013 as a Bitcoin payments processor. The company currently offers a range of fintech developer services, including digital wallets and blockchain transfer solutions. However, Circle is best known for its two stablecoins, USDC and EURC. Stablecoins are a type of cryptocurrency that is much less vulnerable to wild price swings because a stablecoin's price is tied directly to a real-world asset. In the case of the USDC stablecoin, its value is tied directly to the U.S. dollar. Circle's EURC stablecoin is tied to the value of the Euro. Stablecoins thus help provide investors with stability while still allowing them to invest in crypto assets. In terms of market cap, USDC is currently the seventh most valuable cryptocurrency with a value of over $61 billion. The most valuable stablecoin in terms of market capitalization is Tether, which has a total valuation exceeding $155 billion. Cryptocurrency king Bitcoin's market cap is currently north of $2.1 trillion. In March 2024, Fast Company named Circle as one of its Most Innovative Companies based on the impact its stablecoin was having on the crypto industry. Why is CRCL stock rising today? Shares in Circle Internet Group were at one point trading over 15% higher in premarket trading this morning. Some of those gains were lost when the markets opened, but currently, CRCL stock is still up over 12% in early market trading. That follows an impressive 33% rise in the stock's price on Wednesday. So why is Circle popping today? Well, you can thank the U.S. Senate. The congressional body passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) on Tuesday. The act is the first to seek regulation of stablecoins. Its passage would establish a regulatory framework for stablecoins, further legitimizing the digital tokens and integrating them more closely within the U.S. economy. Such a move would likely only benefit stablecoin providers, like Circle. The GENIUS Act would also benefit stablecoin investors because it would require that stablecoins be backed by liquid assets, including U.S. dollars or short-term Treasury bills, notes Reuters. Issuers of stablecoins would also be required to disclose their reserves' composition on a monthly basis, leading to greater transparency. Circle stock price may depend on House now However, while Circle investors continue to cheer the Senate's passage of the GENIUS Act on Tuesday, the act may still not become law. That's because it now must go to the House for approval. And as Reuters notes, various groups, including the Conference of State Bank Supervisors, are calling for 'critical changes' to the bill. If the bill stalls in the House, or is killed, CRCL stock may give back some of the gains it has made this week. But as of today, Circle's stock price run has been nothing short of impressive. Circle Internet Group's initial public offering (IPO) was held just over two weeks ago on June 5. Since then, the price of CRCL stock has surged a staggering 589%.
Bloomberg
an hour ago
- Automotive
- Bloomberg
Stock Movers: Carmax, Darden Restaurants, Circle
On this episode of Stock Movers: - CarMax (KMX) shares rise after comparable sales and earnings per share for the first quarter that beat consensus estimates. - Darden (DRI) share rise after the company reported comparable sales growth for the fourth quarter that topped the average analyst estimate. - Circle (CRCL) shares rise after the US Senate passed stablecoin legislation setting up regulatory rules for crypto currencies pegged to the dollar.
Time of India
an hour ago
- Business
- Time of India
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo 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. ALSO READ: TACO: Trump gives himself two weeks to strike Iran – reporters wonder if he'll chicken out again Live Events 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.
Yahoo
an hour ago
- Automotive
- Yahoo
Tesla's autonomous chapter 'one of the most important' in its history says Wedbush
-- Tesla is officially entering what Wedbush calls 'the golden era of autonomous' with the launch of its robotaxi service in Austin this Sunday, a milestone the firm believes could eventually add $1 trillion to Tesla's valuation. In a note on Friday, Wedbush said the service will begin with around 20 Model Y vehicles operating in a geofenced area around Austin, with plans to scale to 'roughly 25 cities in the U.S. over the next year.' Analysts described the event as a 'foundation of autonomous growth for years to come' and called it 'one of the most important' chapters in Tesla's history. 'We believe the AI future at Tesla (NASDAQ:TSLA) is worth $1 trillion to the valuation alone over the next few years,' Wedbush wrote. The firm reiterated its Outperform rating and $500 price target, citing Tesla's unmatched global scale in AI and autonomy. Wedbush also sees regulatory tailwinds under a Trump presidency, predicting that federal oversight will soon simplify approval for full self-driving technologies. 'Trump wants the U.S. to stay ahead of China in this AI Arms Race,' the analysts said, adding that autonomous technology 'is a key factor in who wins AI… with Tesla playing a major role on robotaxis.' The launch marks only the beginning, according to Wedbush. 'Rome was not built in a day… and neither will Tesla's autonomous and robotics strategic vision,' they said. Full-scale production of Tesla's purpose-built robotaxi, the Cybercab, is expected to start next year. Wedbush concluded, 'We believe Tesla could reach a $2 trillion market cap by the end of 2026 in a bull case scenario.' Related articles Tesla's autonomous chapter 'one of the most important' in its history says Wedbush CarMax shares surge on strong Q1 earnings beat Circle stock continues to surge after stablecoin bill, buy rating Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
3 hours ago
- Business
- CNBC
Circle shares extend their rally after Senate passes landmark stablecoin bill
Shares of Circle continued to climb on Friday as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act. The stock was up 14% in premarket trading as excitement continued to build. The bill passed the Senate on Tuesday, and shares rose 33% on Wednesday. The market was closed Thursday for the Juneteenth holiday. Circle is on pace to end the week higher by almost 50%. It has rocketed more than 500% since its initial public offering on June 5. Stablecoins are cryptocurrencies whose values are pegged to that of another asset, usually the U.S. dollar. Traditionally used as bridge currencies for crypto traders, stablecoins today are benefiting from increased interest by banks and payment firms as the Trump administration rolls back Biden-era crypto policies. Stablecoins have attracted a groundswell of investor interest in anticipation of regulatory clarity from Congress, as they have the potential to make payments faster and cheaper. Amazon and Walmart are reportedly exploring the possibility of using or issuing their own stablecoins. Uber, Apple and Airbnb are among other big companies reported to be exploring stablecoins in recent weeks. The GENIUS (short for Guiding and Establishing National Innovation for U.S. Stablecoins) Act seeks to establish clear regulatory guidelines for the use of stablecoins regarding issuance, reserves and compliance. The bill now heads to the house, which has its own stablecoin legislation in the works, called the STABLE Act.
