Circle Lobbies UK for New Rules as Stock Doubles

Edgen Crypto·Mar 18 2026, 22:28

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Key Takeaways

Stablecoin issuer Circle is actively lobbying the United Kingdom to adopt a hybrid regulatory framework modeled on EU and US rules. This strategic push comes as the company's stock has more than doubled in the past month, driven by strong earnings from its USDC reserves and the expanding use of its stablecoin in the tokenized asset market.

On March 18, Circle's policy chief urged the UK House of Lords to combine the EU's MiCA and the US's GENIUS Act for a new stablecoin framework.
The company's stock has climbed over 100% in the last month to $124.37, benefiting from high interest rates and USDC's role in the growing tokenized asset market.
The Bank of England has signaled a softer regulatory approach, indicating it is reconsidering a proposed £20,000 holding limit for individuals.

Circle Stock Doubles to $124 on Strong USDC Fundamentals

Shares of stablecoin issuer Circle have advanced more than 100% over the past month, closing at $124.37 on Monday and significantly outpacing other crypto-linked stocks. The move reflects growing investor confidence in Circle's position at the center of the expanding digital asset economy. A key driver for the performance is the high-interest-rate environment, which boosts Circle's earnings from the reserves backing its USDC stablecoin.

Analyst sentiment has turned bullish, with Clear Street upgrading the stock to a Buy and raising its price target to $136. The growth is also fueled by the rapid expansion of tokenized assets, a market that has grown from $1.5 billion in early 2023 to $26.5 billion. Products like BlackRock’s $2 billion tokenized Treasury fund, BUIDL, use USDC for core operations, cementing demand for Circle’s infrastructure beyond speculative crypto trading.

Circle Proposes Hybrid EU-US Framework to UK Lawmakers

Capitalizing on its strong market position, Circle is proactively shaping its future regulatory landscape. On March 18, 2026, Circle's policy chief, Dante Disparte, testified before the UK's House of Lords, urging the government to adopt a hybrid stablecoin framework. The proposal suggests merging the regulatory clarity of the European Union's Markets in Crypto-Assets (MiCA) regulation with the innovation-focused principles of the United States' GENIUS Act. Circle argues this approach would bolster consumer protection while establishing the UK as a premier hub for digital finance.

Bank of England Signals Softer Stance on Stablecoin Rules

Circle's advocacy comes at an opportune moment, as UK regulators are showing increased flexibility. The Bank of England (BoE) is actively reconsidering its initial, more restrictive proposals after industry feedback. Specifically, Deputy Governor Sarah Breeden confirmed the central bank is open to alternatives for managing financial stability risks, moving away from a proposed £20,000 holding limit for individuals. This evolving stance suggests UK authorities are keen to create a competitive and workable environment for stablecoin issuers. The BoE has expressed a desire for more constructive industry proposals on risk management, a call that Circle appears to be directly answering with its detailed hybrid model.