Circle Internet Financial’s shares rose 8.7% in early trading on Thursday, lifting the stock to an intraday high of $96.66 from Wednesday’s close of $88.64.
The advance followed the company’s announcement that it had secured federal banking licenses under the GENIUS Act, a regulatory framework supporting digital asset institutions. Circle’s USDC stablecoin, a dollar-pegged digital currency, has expanded to a market capitalization of $70 billion to $75 billion, according to company data.
Chief Executive Officer Jeremy Allaire told lawmakers that the broader stablecoin market could grow to well over $1 trillion, underscoring the asset class’s expanding role in global finance. Circle President Heath Tarbert appeared before the House Financial Services Committee on September 2 to discuss stablecoins as instruments for maintaining U.S. dollar dominance.
The company also deepened its strategic partnership with cryptocurrency exchange OKX, which will integrate USDC across spot, leveraged, and futures trading products to enhance liquidity. Analysts at Bernstein maintained a Buy rating on Circle’s stock on September 1, citing the company’s regulatory progress and expanding stablecoin ecosystem.
U.S. equities advanced modestly, with the S&P 500 up 0.6%, the Nasdaq gaining 0.8%, and the Dow rising 0.7%.
