Circle Stock in Up Only Mode Even as Bitcoin, Crypto Market Struggle—Why?

USDC issuer Circle shot up to the latest in a sequence of all-time highs on Monday, breaking past $298 per share at one point before retreating.

Circle (CRCL), which started trading on the New York Stock Exchange just seven trading days ago on June 13, jumped 24% at one point from the company’s Friday close of $240.28. Shares were currently changing hands at about $250.

The company intraday market capitalization stands at nearly $63 billion. edging past the current almost $61.3 billion market capitalization of its flagship stablecoin, USDC.  The striking gains come even as the broader market has been wary of rising geopolitical tensions.

The U.S. on Sunday fired air strikes as part of Operation Midnight Hammer targeting three Iranian nuclear facilities. President Donald Trump described the operation as a “spectacular military success” and said the U.S. had obliterated Iran’s nuclear enrichment capabilities.

But on Monday, Iranian state television network IRIB reported that its Operation Besharat al-Fath had been launched against the U.S. Al Udeid air base in Qatar. The U.S. has not yet confirmed the strikes, but the BBC reported that Qatar has closed its airspace while U.S., and UK citizens have been advised to shelter in place.

Many investors appeared to be fleeing to safety and leaving risk assets—like stocks and cryptocurrencies—in an uneasy holding pattern.

The Nasdaq Composite Index sank as low as $19,357.06 on Monday, or 0.5% lower than its Friday close. Meanwhile, the S&P 500 jumped above $6,000 as the National Association of Realtors reported existing home sales ticked up 0.8% in May.

Circle may also be the beneficiary of news from publicly traded Fiserv, which trades on the New York Stock Exchange under the FI ticker. The S&P 500 company has teamed up with PayPal to build a stablecoin payments network that’ll be accessible to its 3,000 regional and community bank clients.

A separate press release, from Circle, makes it clear that the infrastructure being built will also benefit USDC. The partnership will “equip banks and fintechs leveraging Fiserv’s digital asset platform and branded stablecoin with seamless access to digital dollar infrastructure, enabling enhanced payment experiences, real-time settlement, and expanded global reach,” the company wrote.

“As demand for real-time, borderless financial experiences accelerates, this collaboration reflects our commitment to supporting forward-thinking financial institutions,” said Jeremy Allaire, chairman and CEO of Circle.

Edited by James Rubin