Shares of Circle Internet Group (CRCL) hold the largest weighting in VanEcks digital asset corporate index, highlighting the stablecoin issuers growing influence in the crypto economy.Circle stock makes up 13% of the MVIS Global Digital Assets Equity Index (MVDAPP), which was developed by a VanEck subsidiary to track the performance of the largest and most liquid companies in the crypto sector.
That marks an increase from around 11% on Friday.Investors can gain exposure to MVDAPP through VanEcks Digital Transformation exchange-traded fund (ETF), which aims to track the index as closely as possible, according to the firms prospectus.To be included in the MVDAPP index, companies must generate at least 50% of their revenue from digital assets.The ETF holds the same 24 companies listed in the MVDAPP index, including shares of Coinbase (COIN), Strategy (MSTR), Metaplanet (3350 JP) and Block (XYZ).Our total holdings now exceed [Circle] CEO Jeremy Allaires, said Matthew Sigel, head of VanEcks digital asset research.Source: Matthew SigelLaunched in 2021, VanEcks Digital Transformation ETF currently has over $210 million in net assets, with year-to-date returns of 5.3% as of Friday.Related: Crypto hedge fund execs to raise $100M for BNB treasury vehicle ReportCircle began trading on the New York Stock Exchange less than three weeks ago, quickly surging past its initial public offering price of $31.
Anticipating strong demand, the stablecoin issuer increased the size of the offering on the eve of its debut.CRCL stock jumped 167% in its first day of trading and is now 750% higher than its IPO price.Shares of Circle extended their rally on Monday, rising more than 11% to $263.
Source: Google FinanceCircle is the company behind USDC (USDC), the second-largest digital dollar stablecoin in circulation.USDC is poised to play a pivotal role in the US digital asset economy if the high-profile GENIUS Act clears its final hurdle in Congress.
As Cointelegraph reported, the GENIUS Act was passed by the Senate in a 68-30 vote and is now heading to the House of Representatives for deliberation.Last week, Coinbase Derivatives and clearinghouse Nodal Clear announced plans to integrate USDC into US futures markets, making the stablecoin eligible collateral for futures trading.
The implementation is expected to take place next year.Magazine: Crypto wanted to overthrow banks, now its becoming them in stablecoin fight