Catenaa, Friday, June 26, 2025-Circle Internet Group’s stock continues its meteoric rise, pushing the fintech firm’s fully diluted market capitalization past $77 billion, surpassing the market value of both Coinbase and Circle’s own stablecoin, USDC.
Since debuting on June 5 at $31 per share, Circle’s CRCL stock has gained nearly 600 percent. On Monday, it surged to an intraday high of $298 before settling around $270, lifted in part by investor optimism following Senate passage of the GENIUS Act, which would establish federal safeguards for fully-backed stablecoins.
Circle’s explosive valuation has triggered debate among analysts. Despite generating half of USDC’s reserve revenue, Coinbase also operates broader crypto services and trades near $305 per share with a similar market cap.
Critics argue Circle’s rapid growth defies fundamentals.
Many see it as hype-fueled arbitrage, warning that the valuation gap between Circle and Coinbase may correct.
CRCL’s popularity among retail traders has added fuel to its surge, though some fund managers have rotated into Coinbase as a catch-up play.
The GENIUS Act remains a pivotal factor.
The bill now awaits action in the House of Representatives, with President Donald Trump urging final passage by August. Its approval could lock in regulatory clarity for stablecoins, potentially boosting both Circle and Coinbase further.
