US Stablecoin Bill Revision Boosts Circle Stock

A recent revision to the US Clarity Act has led to a significant increase in Circle's stock price.

The bill's revisions aim to curb the practice of crypto firms paying bank-like interest on passive stablecoin deposits, while still allowing rewards tied to trading and transactions.

Circle rose 16% after the announcement, with other cryptocurrency companies such as Coinbase and BitGo also experiencing gains. Bitcoin's price remained relatively stable near $79,000.

Analysts believe that the revised bill could limit deposit outflows and reduce regulatory uncertainty for banks.