Circle Internet (CRCL) Hits 5th All-Time High in June as Senate OKs Stablecoin
We recently published a list of These 10 Stocks Boast Double-Digit Gains Amid Boring Market. Circle Internet Group (NYSE:CRCL) is one of the best-performing stocks on Thursday.
Circle Internet jumped by 33.82 percent on Wednesday to hit its fifth record high just this month, following the Senate's passage of Stablecoin legislation.
On Tuesday, the Senate gave its green light for the GENIUS Act, which provides a federal government framework for use of the cryptocurrency whose value is tied to the US dollar.
This would allow financial companies such as banks, fintech, and retailers, among others, to use stablecoins.
The news followed Circle Internet Group's (NYSE:CRCL) announcement earlier this week that its USDC stablecoins are being adopted by retail giants Amazon and Walmart, as well as e-commerce operator Shopify.
According to Circle Internet Group (NYSE:CRCL), Shopify began rolling out its feature that enables merchants to accept USDC stablecoins—a cryptocurrency founded by its founders Jeremy Allaire and Sean Neville—for payments and order fulfillment flows.
A wide angle view of a bustling cityscape, capturing the potential of the consumer internet.
Circle Internet Group (NYSE:CRCL) also said that it partnered with blockchain firm Ripple to bring USDC stablecoins to the latter's XRP Ledger blockchain as well as with digital identity company World for the addition of USDC and CCTP V2 (Cross-Chain Transfer Protocol) on World Chain.
While we acknowledge the potential of CRCL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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