Stablecoin bill ignites crypto stock frenzy: Circle surges 33%!

According to Cointelegraph, the U.S. encryption industry has welcomed a significant policy breakthrough! On June 18 local time, the U.S. Senate passed the GENIUS stablecoin bill with an overwhelming majority of 68 votes in favor and 30 against. The core of the bill is to establish a national regulatory framework for stablecoins, providing legal protection for crypto assets that have long been in a gray area.

Market Reaction:

• Circle (NASDAQ: CRCL): As the most direct beneficiary of the bill, the stock price soared 33.82%, closing at $199.59 (an increase of 65% compared to the closing price on the first day of listing on June 5).

Policy impetus: Rare consensus between the two parties, Trump urgently calls out.

The bill was introduced by Tennessee Republican Senator Bill Hagerty, and it took only 6 weeks from proposal to passage, demonstrating rare legislative efficiency. What further shook the market was that President Trump called on social media the day after the bill passed: “Quickly send the bill to my desk - there’s no time to waste!” His encryption advisor David Sachs further claimed that this move would fulfill the promise of making “the United States the global encryption capital.”

Why did Circle become the biggest winner?

1. Core business bound to stablecoin: Circle issues the world’s second largest stablecoin USDC (with a market value exceeding 30 billion USD), and its revenue mainly relies on the interest income from USDC reserves.
2. Major cryptocurrency exchanges deeply bundled: Industry analysts point out that major exchanges not only hold equity in Circle but also share 50% of the on-chain trading revenue from USDC, as well as all earnings from USDC within the platform.
3. Precise Timing for Listing: Circle debuted on Nasdaq on June 5, surging 167% on its first day of trading, with the passage of the bill providing a further boost. Trader Genco excitedly stated: “The summer of stablecoins has arrived! CRCL has become the talk of the town!”

Controversy Emerge: Warning of Listing Frenzy and Valuation Bubble

Despite the market sentiment being high, doubts have emerged:

• Industry KOL Arthur Hayes poured cold water: “Most newly listed stablecoin companies will fail due to serious overvaluation, and Circle’s current stock price has fallen into a crazy bubble!”
• Industry differentiation intensifies: Some practitioners hope that more stablecoin companies will follow Circle’s example of going public, but Hayes’s warning reflects concerns about regulatory dividend exhaustion.

Bill Follow-up Process: After the House votes to pass, it will be submitted to the President for signing and taking effect. If Trump accelerates the process as promised, the U.S. may usher in the country’s first national stablecoin regulatory system, fundamentally rewriting the global encryption competitive landscape.