Circle Gets Buy Rating After Senate Passes Stablecoin Bill (1)

Circle Internet Group Inc.’s shares jumped 20% on Friday after Seaport Global gave the stablecoin issuer its first buy rating in the wake of the US Senate’s move this week to pass legislation setting up regulatory rules for cryptocurrencies pegged to the dollar.

The company behind USDC, the second-largest stablecoin by market share, has seen its shares rise more than 600% since they started trading earlier this month.

Optimism around stablecoin regulations has driven the strength. Seaport analyst Jeff Cantwell sees the global stablecoin market having the potential to reach $2 trillion at some point, from about $260 billion ...