Why Circle Internet Group Jumped 10.9% Today

By Anders Bylund – Nov 28, 2025 at 12:25PMKey PointsCircle's stock gained 10.9% on Friday as crypto markets recovered from a two-week slump.The company's share price amplifies small changes in USDC circulation as investors struggle to value this new business model.Circle's business model resembles traditional banking but Wall Street still treats it as a volatile crypto play.NYSE: CRCLCircle Internet GroupMarket Cap$17BToday's Changeangle-down(9.67%) $7.03Current Price$79.67Price as of November 28, 2025 at 12:54 PM ETCircle Internet Group soared on Black Friday despite no announcements. The real story involves USDC market caps and recovering crypto prices.Shares of Circle Internet Group (CRCL +9.67%) soared on Friday, closing 10.9% higher at noon ET. The stablecoin manager didn't have much news to share today, but the stock had been sliding across the last two weeks amid weak Bitcoin (BTC 0.82%) prices and bearish macroeconomic news. The general market mood was brighter on this post-Thanksgiving day with just 150 minutes of full-service trading, and that was enough to spark a modest recovery in the crypto sphere. ExpandNYSE: CRCLCircle Internet GroupToday's Change(9.67%) $7.03Current Price$79.67Key Data PointsMarket Cap$17BDay's Range$74.02 - $81.4852wk Range$31.00 - $298.99Volume21MAvg Vol13MGross Margin0.00%Dividend YieldN/A How Circle makes money from stablecoins Circle doesn't own or manage Bitcoin for a living. Its operations focus on managing the popular USDC (USDC +0.01%) stablecoin. Circle makes more money when there is more USDC in circulation, as the company earns interest in cash reserves tied to the stablecoin. USDC's market cap fell 3% from Nov. 13 to Nov. 21, and now it's back up where it was before that drop. In other words, investors withdrew 3% of their USDC holdings in mid-November, and now they're putting that money back into the market. Circle's stock amplifies these bullish and bearish moves, as its investors struggle to predict how these short-term swings might affect its long-term cash generation abilities. Image source: Getty Images. Circle's wild ride since going public Circle entered the public stock market as recently as June 4, 2025. It started life on a high-octane kick, more than tripling its share prices in the first month. About six months later, it's back below the first trading day's closing price. Heavy trading in the leading cryptocurrencies tends to result in more USDC activity. When USDC's market cap is going down while Bitcoin and other major coins are down, people and investment firms are selling coins to take cash out of their crypto accounts. The reverse happened over the Thanksgiving break. It's safe to say that stablecoin management is a new and poorly understood concept on Wall Street. Circle's ultra-volatile stock should grow more stable over the years, based on predictable cash flows from the cash reserves backing USDC. Pro tip: Earning interest on large cash reserves is a core money-making strategy for traditional banks, too. Someday, this stock should behave like those of a large-cap megabank. But that day is probably many years away, so I expect Circle's wild price swings to continue for the foreseeable future.About the AuthorAnders Bylund is a contributing Motley Fool media and technology analyst covering semiconductors, cloud computing, internet infrastructure, quantum computing, and streaming media. Previously, Anders was a systems administrator for Nielsen Technology and CSX, gaining hands-on experience with enterprise-class systems. He was also a freelance writer for Ars Technica, TIME, USA Today, CNN, WIRED, and AOL's Daily Finance. He holds a bachelor’s degree in English and a master’s degree in library and information sciences from Florida State University. He believes in coyotes and time as an abstract.TMFZahrimX@TMFZahrim