Circle Internet Financial, the issuer of the second-largest stablecoin USDC, has achieved a market valuation of $66.9 billion, eclipsing the entire $61.3 billion circulating supply of its own dollar-pegged token.
This rise, fueled by growing investor confidence following pivotal U.S. stablecoin legislation, has seen Circle inch closer to crypto exchange giant Coinbase’s $78 billion market cap.
CRCL Outpacing USDC
Data from Yahoo Finance shows Circle (CRCL) went as high as $298.98 during Monday’s session before closing at $263.45. This was still a nearly 10% improvement for the day and an 800% jump since its IPO in early June. The peak pushed the company’s market capitalization to just under $67 billion, overtaking the $61.3 billion supply of USDC currently in circulation.
This milestone follows the U.S. Senate’s decisive 68-30 vote on June 17 to pass the GENIUS Act. Once signed into law, the legislation will mark the United States’ first federal framework for dollar-pegged cr
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