币界网报道：Circle's stock (CRCL) surged 12% on Monday, reaching around $270 per share—a nearly 600% increase since its June 5 IPO at $31. The rally briefly pushed its market cap above $77B, surpassing both Coinbase ($77.8B) and its own USDC stablecoin ($61B). Bitwise CEO Hunter Horsley hailed the IPO as shifting mainstream investor sentiment, while critics like Two Prime's Alexander Blume called the valuation irrational, noting Coinbase earns 50% of Circle's USDC revenue. The GENIUS Act's Senate approval boosted both stocks, with analysts speculating investors are rotating into COIN as a proxy play. Coinbase also benefits from Circle's revenue-sharing deal, receiving half of USDC reserve income. Stablecoin legislation remains pending in the House, with Trump pushing for August passage. Wall Street has raised COIN price targets, citing catalysts like the GENIUS Act and new USDC payment integrations.