After the stablecoin bill was passed by the Senate, Circle's stock price rose over 500% after its IPO.

According to Gate News bot and a report by CoinDesk, Circle (NYSE: CRCL) soared 34% on Wednesday and rose 6% in after-hours trading, as the U.S. Senate passed a landmark bill laying the groundwork for regulated, dollar-backed stablecoins.

This move pushed Circle's stock price to close at $199.59 on Wednesday, reaching a peak of $211.87 in after-hours trading. Since its listing on June 5, the stock has risen over 540%, making it one of the fastest rising stocks in the cryptocurrency sector.

The "GENIUS Act" outlines how American companies can issue and manage fiat-backed stablecoins for payment. The bill still requires approval from the House and signing by President Donald Trump, but the Senate's vote indicates strong bipartisan support for bringing crypto payments under U.S. regulation.

Circle CEO Jeremy Allaire stated on X: "History is being made," describing the bill as a breakthrough for American competitiveness.

Trump posted on "Truth Social" stating that the bill will make the United States the "undisputed leader in the digital asset space."

"The Senate has just passed an incredible bill that will make the United States the undisputed leader in the digital asset space—no one can do it better, it’s simply genius," Trump wrote, "Digital assets represent the future, and our country will own it."

Circle is the issuer of USDC, which is currently the second largest stablecoin by circulation in the world. The company has long been advocating for clear rules regarding crypto dollars. Wednesday's rise reflects investor confidence that if the U.S. officially accepts stablecoins as a digital cash equivalent, Circle will be the biggest beneficiary.

The trading volume of Circle surged to over 60 million shares, nearly double the average level. The trading price of CRCL on that day ranged between $148 and $200.89. Its market capitalization has now exceeded $48 billion, far surpassing several traditional payment companies.

A Bernstein analyst who began focusing on CRCL earlier this week stated that the bill will "bring stablecoin innovation back home" and attract activities from offshore issuing entities back to regulated U.S. participants.

Analyst Gautam Chhugani stated: "The bill clearly defines stablecoins as payment stablecoins, bringing their legal treatment closer to digital cash and opening the door for mainstream applications beyond cryptocurrency."