Circle, the USDC issuer, has seen its stock price soar, nearing a quadruple of its $31 IPO price just two days post-IPO. As of Friday, the stock hit a high of $123.51, showing a 44% increase from its previous close. Circle had a strong debut on the New York Stock Exchange, with its shares quickly attracting investor interest, allowing the company to achieve a market cap of $21.7 billion. This surge in stock price is paralleled by Bitcoin's recovery above $105,000 after briefly dropping below $101,000. Analysts warn potential investors to be cautious due to the typical selling pressure following the expiration of the lockup period that restricts early investors from selling their shares. Concerns over Circle's revenue sources were raised, particularly related to interest earnings from cash backing its stablecoins, which are expected to decline as interest rates decrease. Overall, the positive performance reflects optimism in the cryptocurrency space, particularly surrounding stablecoins, as regulatory frameworks begin to take shape, such as the GENIUS Act aiming to provide clearer guidelines for stablecoin issuers.

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