Circle Internet (CRCL) Grows 9.9% on Banking License Application

Circle Internet Group (NYSE:CRCL) is one of the 10 Stocks Crushing Market Expectations.

Circle Internet surged by 9.9 percent on Monday to finish at $207.46 apiece as investors scooped up shares following news last week that it applied for a national banking license for its soon-to-establish national trust bank.

According to Circle Internet Group (NYSE:CRCL), it officially filed a national banking license with the US Office of the Comptroller of the Currency on June 30 for First National Digital Currency Bank, N.A.

If approved, the license would allow Circle Internet Group (NYSE:CRCL) to act as a custodian for its own reserves and hold cryptocurrencies on behalf of institutional clients.

The move followed several developments earlier last month, including its share price already spiking by 864 percent since its market debut on June 4.

Additionally, it partnered with Fiserve to build stablecoin-enabled solutions for financial institutions and merchants within the Fiserv ecosystem.

The company also benefitted from the Senate’s GENIUS Act, which lays out the regulatory framework for digital currencies.

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Disclosure: None. This article is originally published at Insider Monkey.