Circle Internet's stock surged after its president testified before Congress, urging the passage of the GENIUS Act to establish a federal framework for payment stablecoins, which is seen as a regulatory advantage for Circle. This policy push is currently outweighing news that Goldman Sachs is leading a consortium of 21 banks planning to launch a rival dollar stablecoin in 2027 under a similar regulatory framework. Coinbase, as Circle's primary USDC distribution partner, is also benefiting from the positive sentiment after its partnership with Circle auto-renewed. Additionally, Cathie Wood's ARK Invest recently bought $3.4 million worth of Circle shares, and Circle's Arc mainnet is set to launch on September 16.