Circle Stock Jumps 18% as USDC Adoption Surges 83%

Crypto stocks have surged in recent days, with Coinbase, Circle, and Robinhood leading the charge. Circle Internet Group (CRCL), newly listed on the NYSE, saw its stock price jump 18% in a single session, bringing its total gain since its IPO to approximately 404%. This surge is attributed to the rapid adoption of Circle’s USDC stablecoin and its cross-chain growth. The company recently introduced native USDC support on the XRP Ledger, eliminating bridge fees for developers and institutions. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) achieved a record $7.7 billion in stablecoin volume in May, marking an 83% increase from the previous month. Circle also made headlines by rejecting a reported $5 billion takeover offer from Ripple, with CEO Jeremy Allaire emphasizing the company’s independent growth, which further fueled bullish sentiment. Some analysts have set target prices near $300 for CRCL, reflecting the strength of these fundamentals.

Coinbase Global (COIN) has also seen significant gains, with its stock trading around $255.60 as of June 16, up 2.7% for the day. The exchange reported a 76% year-over-year increase in revenue for Q1 2025, driven by higher trading volumes and new services. Coinbase’s outlook has been bolstered by partnerships with Stripe and Shopify, enabling USDC payments on Shopify’s Base checkout. This allows merchants to accept crypto via Base without extra coding, settling in USDC or fiat behind the scenes. Coinbase is also reportedly close to securing a full EU crypto license via Luxembourg under the new MiCA rules, which would pave the way for broader European expansion. Investors are optimistic about these developments, with Rosenblatt Securities and other analysts maintaining Buy ratings on COIN with price targets near $300. On the chart, Coinbase is approaching technical resistance zones, with a move past $265 and then $277 signaling further upside.

Robinhood Markets (HOOD) continues to climb back to prior highs, with its stock trading around $75.77 as of June 16, up 102% year-to-date. Technical indicators are broadly bullish, with short-term moving averages above the longer-term ones, signaling strong momentum. The stock is now testing a key hurdle at $77.80; a sustained break above that level could clear the way toward a fresh all-time high near $80. Traders note critical support at $63.84 – if HOOD were to slip below $64, it might trigger a pullback, but as long as it holds, the uptrend remains intact. Robinhood’s focus on cryptocurrencies and ETFs has helped drive interest in the stock. Its trailing price/earnings ratio was roughly 23 at year-end 2024, reflecting a more normalized valuation after earlier losses. Recent gains have pushed the TTM P/E into the 40s, with investors watching to see if the bullish momentum can continue.

The broader tech/crypto rally has set the stage for these gains: as the Nasdaq and Bitcoin move higher, crypto stocks are capitalizing on the momentum. Whether this rally can be sustained will depend on ongoing adoption and market breadth, but for now, these leaders are at the forefront of a vibrant crypto equity market.