Circle Stock Skyrockets Amid GENIUS Act Push and Rival Stablecoin Plans
Circle Internet Group's (CRCL) stock surged 14% to $100.63 in morning trading, pushing above the psychologically important $100 level. The company's president, Heath Tarbert, testified before Congress earlier this week, urging full implementation of the GENIUS Act, which positions Circle's OCC federal charter as a regulatory advantage.
Tarbert warned lawmakers that the country risks losing financial influence if the next generation of money and capital markets is built on infrastructure governed outside the United States. He called for closing offshore loopholes to ensure American law, institutions, and the dollar remain embedded in global systems.
The GENIUS Act sets reserve requirements, redemption at par, and disclosures for payment stablecoins, which takes effect no later than January 2027. Circle's USDC is currently the second-largest stablecoin with a circulating supply of 73.7 billion tokens.