Why Circle Internet Stock Is Soaring Today
Shares of Circle Internet Group (NYSE: CRCL) are rising today, up 10.8% as of 1:39 p.m. ET. The jump comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were up 0.7% and 0.8%, respectively.
The company, which went public earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. Circle stock saw a boost today from news that the Trump administration will allow borrowers to use crypto as assets on their mortgage applications.
The Federal Housing Finance Agency has ordered Fannie Mae and Freddie Mac to formally consider cryptocurrency as an asset in mortgage loan risk assessments. The directive allows borrowers to retain crypto stored on U.S.-regulated exchanges without converting it to dollars before closing.
Source Fool.com
