Shares in both Bullish (BLSH) and Circle (CRCL) boomed this Thursday after the former received a key license in NY to begin US operations. CEO Tom Farley announced on the company’s earnings call the previous day that the exchange had received a key New York license, which he described as critical to its business model. Circle Internet Group CRCL is also benefiting from the strong adoption of the USDC stablecoin. As of Sept. 11, $72.36 billion USDCs were in circulation, rising from $65.2 billion as of Aug. 10, 2025, and $61.3 billion at the end of the second quarter of 2025.

“While we have already had the ability to operate in many states because of our regulatory approval, we refrained from launching our exchange in the United States until we received the New York State Department of Financial Services BitLicense,” Bullish CEO Farley said. “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.”

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Thanks to the surge of the crypto market in 2025, CRCL has rewarded early investors with huge gains. Circle offers the USDC stablecoin, which is redeemable on a one-for-one basis for U.S. dollars and is backed by reserves consisting of highly liquid, price-stable cash and cash equivalents. Additionally, the news coming from Bullish leaked into positive reactions for other crypto-related stocks, like MSTR and CRCL. An improving regulatory environment, including the passage of the GENIUS Act, provides a legal background to stablecoins like USDC, paving the way for more enterprise adoption. This bodes well for Circle, which has minted USDC worth $42.2 billion, up 21% year over year.

Analysts appear optimistic that Circle’s market cap and stock will continue to grow in the future. Loomis Sayles Small/Mid Cap Growth Fund stated the following regarding Circle in its second quarter 2025 investor letter: “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.”