Why Shares of Circle Are Surging Today
Shares of the stablecoin issuer Circle (NYSE: CRCL) traded nearly 8% higher, as of 12:46 p.m. ET today, but had blasted as high as 24% earlier in the day. The move came after Circle announced a strategic partnership with .
Circle issues large stablecoins like USDC and EURC. Stablecoins are digital assets pegged to a commodity or currency. USDC is pegged to the U.S. dollar, while EURC is pegged to the euro. Both stablecoins are pegged on a 1-to-1 basis, meaning that Circle actually has one dollar or one euro to back each stablecoin, so they can easily be redeemed.
Image source: Getty Images.
Source Fool.com
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