Circle Internet Group (CRCL) surged 10% in pre-market trading on July 10 amid growing stablecoin demand and optimism around US regulatory clarity under the GENIUS Act.
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Circle jumps 10% in pre-market as stablecoin sector gains momentum
Circle Internet Group (CRCL) surged 10% in pre-market trading on July 10, according to Cailianshe data, as the stablecoin issuer benefited from growing demand for dollar-denominated digital assets.
"The rally reflects optimism around stablecoin adoption and the potential for clearer US regulation under the GENIUS Act," Diana Chen, a crypto regulation analyst, said.
Stablecoin transaction volume hit a record $1.79 trillion in June, according to Visa data, underscoring the rapid growth of the sector. Circle's USDC is the second-largest stablecoin by market capitalization, competing with Tether's USDT for dominance in the $200 billion-plus stablecoin market.
The pre-market surge comes as competition in the stablecoin space intensifies. Sony received approval to establish a US national trust bank subsidiary to support dollar-denominated stablecoin issuance, with plans to eventually issue its own stablecoin for video game and anime payments. Circle and Paxos already operate under similar federal trust bank structures. The GENIUS Act, which establishes a federal framework for stablecoins and other digital assets, is advancing through Congress and could provide regulatory clarity that benefits established issuers.
This article is for informational purposes only and does not constitute investment advice.