- Bullish secures a New York BitLicense, allowing it to start operations in the United States.
- Circle continues to benefit from strong growth in its USDC stablecoin adoption, with circulation rising sharply.
- Crypto-related stocks, including Bullish and Circle, saw share price increases following regulatory and market updates.
- Recent U.S. regulatory changes, like the passage of the GENIUS Act, support further growth in stablecoins and enterprise participation.
- Analysts remain optimistic about Circle’s future growth, particularly for USDC in cross-border and consumer payments.
Bullish and Circle saw notable increases in their share prices on Thursday after Bullish received approval to operate in New York. The company announced it secured a key BitLicense from the New York State Department of Financial Services, making it possible to launch U.S. operations.
According to CEO Tom Farley, this license is critical for Bullish‘s business model and U.S. expansion. Farley stated, “We received that license yesterday, and we look forward to bringing our exchange and our leading liquidity to the United States imminently, and we believe this to be the largest geographic market by far.” More information about the license can be found at this official announcement.
Circle also experienced gains, driven by continued strong adoption of its USDC stablecoin. The amount of USDC in circulation reached $72.4 billion as of September 11, up from $65.2 billion a month earlier and $61.3 billion at the end of the second quarter of 2025. USDC is a digital token tied one-to-one to the U.S. dollar and backed by cash and highly liquid assets to maintain price stability.
Positive developments for Bullish influenced other crypto-related stocks, including MicroStrategy (MSTR) and Circle. New regulatory support, including the passage of the GENIUS Act, has created a more stable legal foundation for the use of stablecoins like USDC, encouraging enterprise adoption. Circle has issued $42.2 billion worth of USDC, representing a 21% year-over-year increase.
Analysts note strong performance from Circle, citing increasing use cases for USDC in cross-border and consumer payments. The Loomis Sayles Small/Mid Cap Growth Fund reported, “ATI, Circle Internet Group (CRCL), and BWX Technologies were the top individual contributors to performance… We believe several long-term use cases, such as cross-border and consumer payments, could dramatically grow Circle’s USDC market capitalization.”
Other companies in the crypto sector, such as Paypal and Alphabet, have also recently shown gains from new partnerships, indicating wider growth across the industry.
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