Circle secures federal banking licenses, stock jumps

Investing.com -- Circle Internet stock rose 8.7% in morning trading on Thursday after the company obtained federal banking licenses under the GENIUS Act. The company also reported that its USDC stablecoin has reached a market capitalization between $70 billion and $75 billion.

Circle President Heath Tarbert testified before the House Financial Services Committee on Tuesday, describing stablecoins as necessary tools for preserving U.S. dollar dominance in future global payment systems.

CEO Jeremy Allaire said the stablecoin market could grow from its current size to more than $1 trillion. Circle also announced a partnership with OKX to expand USDC liquidity across spot, leveraged, and futures trading products.

Bernstein maintained a Buy rating on CRCL on Monday.

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