Circle Internet Group (NYSE: CRCL) shares surged over 600% since the company went public earlier this month, as of June 24. This notable rise in stock value is attributed to the company’s focus on stablecoins like USDC, amidst growing interest from major retailers like Amazon and Walmart, who are reportedly considering stablecoins to reduce credit card fees.
Investor enthusiasm is also bolstered by geopolitical tensions, leading to a heightened interest in alternative investments like cryptocurrencies. Additionally, Coinbase Global (NASDAQ: COIN) is positioned to gain significantly from this trend, as Circle utilizes its distribution network for USDC, creating a new revenue stream for Coinbase while diversifying its business.
