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Circle’s stock has defied expectations by outperforming the king of cryptocurrencies, Bitcoin, with a whopping 472% growth since its initial public offering (IPO) in June. This extraordinary performance is in stark contrast to Bitcoin’s sluggish growth of just over 24% during the same period.
The surge in Circle’s valuation can be attributed to the stablecoin issuer’s favorable regulatory developments in the US. The passing of the GENIUS Act, which proposes a federal framework for dollar-backed stablecoins, has instilled confidence among investors in Circle’s prospects. This legislation has created a sense of certainty and predictability that is unprecedented in the cryptocurrency space.
The market capitalization of Circle has risen dramatically from $7 billion to nearly $45 billion, showcasing its incredible growth since listing on the New York Stock Exchange (NYSE) in June. The success of Circle’s stock has far outpaced Bitcoin’s meager growth during this period.
Bitcoin’s inability to maintain momentum is a testament to the growing appetite for regulated financial infrastructure tied to digital assets under President Donald Trump’s administration.
Source: cryptoslate.com
