Circle share has already risen 750% – wealth giant Vaneck uses substantial

The share of Circle Internet Group (CRCL), the company behind the Stablecoin USDC, has recently become the largest component of the Mvis Global Digital Assets Equity Index. This is the crypto index of asset manager Vaneck. Circle was only brought to the New York Stock Exchange (NYSE) three weeks ago, but has already conquered a solid position. Is Circle at the start of a new phase for Stablecoins?

Circle share will rise 750 percent

Circle shares now make up 13 percent of the Mvis index, an increase compared to the 11 percent of last Friday. The index follows the performance of the largest and most liquid companies that focus on cryptocurrencies. Investors can respond to this index via Vaneck’s Digital Transformation ETF. That fund has more than $ 210 million in assets and achieved a return of 5.3 percent this year.

The index contains a total of 24 companies. In addition to Circle, these include Coinbase, Block and Metaplanet. Companies must get at least 50 percent of their turnover from cryptocurrency activities to be admitted.

Circle stood out in recent weeks with a spectacular stock market start. The share went to the stock exchange for $ 31 and rose by 167 percent on the first trading day. In the meantime, the share is 750 percent above the introduction price, with a closing price of 263 dollars on yesterday’s trading day.

Circle is approaching the market value of Coinbase

USDC, the second largest Stablecoin in the market, benefits from the growing interest in this form of digital dollars. USDC is widely used for payments, trade fairs and within defi-protocols.

If the much -discussed Genius Act is definitively assumed in the American house of representatives, this can further strengthen the role of USDC. The law previously received broad support in the Senate.

According to Vaneck’s head of digital assets, Matthew Sigel, the fund now has more circle shares than CEO Jeremy Allaire himself. Circle also recently came in the news because Nodal Clear and Coinbase Derivatives want to admit USDC next year as collateral at trade in futures.

Circle now has a market value of approximately $ 60 billion and is therefore nastyly close to Coinbase, which is appreciated at around $ 78 billion. At the highest point, Circle’s market value was almost the same as the $ 61.3 billion in USDC that the company has outstanding.