Circle Internet (CRCL) Grows 9.9% on Banking License Application
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.
An aerial view of an intricate network of digital infrastructure, lit up against a night sky.
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.
While we acknowledge the potential of CRCL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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