Circle and SRM Entertainment jumped again in premarket trading on Monday. SRM Entertainment surged 12% while Circle jumped 7%.
Circle shares extended gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins.
The GENIUS Act was passed on Tuesday and opens the door for the use of stablecoins by banks, fintech firms, retailers, and others. Stablecoins are cryptocurrencies whose value is tied to another currency or financial asset such as the U.S. dollar. The landmark ruling marks the first major legislation that deals with the digital currency industry that has been approved by Congress.
