Senate vote pushes Circle further ahead of competitors

Circle’s stock ripped through another ceiling on Friday, jumping 22% to hit a record high of $250, after Seaport Global slapped a buy rating on it for the first time. Shares of the company, which went public this month, are now up more than 600% since listing.

The company behind USDC, the second-biggest stablecoin in crypto, is now on fire thanks to one thing: Washington finally giving the space some attention.

Senate vote pushes Circle further ahead of competitors

According to Seaport’s Jeff Cantwell, the global market for these dollar-tied tokens could grow from $260 billion today to $2 trillion, giving Circle a path to grow revenue by 25% to 30% each year. That alone was enough to drive the price way past Seaport’s own $235 target for the stock.

Jeff wrote in a note to clients that “We view Circle as a top-tier crypto ‘disruptor’ with a sizable future opportunity.” He also said the company could hit $3.5 billion in revenue in 2025, up from $1.68 billion expected this year.

US markets were closed Thursday for Juneteenth, but that didn’t stop Circle from ending the week more than 58% higher. Since its June 5 IPO, the stock has gained over 500%.

Meanwhile, the Coinbase effect kicked in too. Shares of the crypto exchange moved up over 4% because it makes money off the interest from USDC reserves. Specifically, it gets 50% of the interest revenue from USDC reserves managed by Circle and 100% from reserves held directly on Coinbase itself.

Circle plans new payments network as big tech eyes stablecoins

In April, Circle said it’s building a payments network that will let banks and institutions use stablecoins to move money across borders. That’s supposed to replace the old wire system and make transfers faster. Jeff said that the move adds to the company’s momentum and called it a potential catalyst for more growth.

The same month, Shopify announced it would roll out USDC payments globally, letting merchants and customers settle in stablecoins without waiting days for bank wires or dealing with exchange rates. That puts Circle in the same conversation as Visa and Mastercard, both of which saw their stocks drop after the Senate vote.

Jeff expects Circle to compete directly with those two, not just in crypto but in the payments space overall. That’s part of why the buy call came now, while momentum is still building. Among analysts tracked by Bloomberg, Circle currently has one buy rating, one hold, and no sells.

On the regulation front, the House isn’t stopping at the GENIUS Act. It’s also working on the STABLE Act, a separate proposal focused on how dollar-backed tokens should be handled. Both bills aim to set clearer rules on reserves, licensing, and auditing, which would give crypto firms legal breathing room for the first time.

Alex Thorn, who leads research at Galaxy Digital, said the GENIUS Act could change how dollars move altogether. In his note to investors, he wrote, “The GENIUS Act would meaningfully upgrade dollar payment rails in ways that speed settlement times, improve transparency, promote dollar dominance, and juice US debt demand.”

He added that the law would come with real consumer protections, collateral requirements, and proper regulatory oversight. But more importantly, it would allow both traditional finance and new crypto firms to move dollars on public blockchains, not private ledgers. That opens the door to more use of Bitcoin, broader crypto adoption, and a push into DeFi, according to him.

Outside the policy arena, big names are already circling. Amazon and Walmart are said to be exploring the idea of launching their own stablecoins. Apple, Uber, and Airbnb are also reportedly digging into it, based on rising demand for cheaper and faster payment rails.

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