According to Mathew Sigel of VanEck, shares of the stablecoin issuer make up about 13% of the MVDAPP.
Circle Internet Group (CRCL) shares have the highest weighting in VanEck's digital asset corporate index, indicating the stablecoin issuer's expanding prominence in the crypto economy.
Circle stock accounts for 13% of the MVIS Global Digital Assets Equity Index (MVDAPP), which was created by a VanEck subsidiary to track the performance of the largest and most liquid companies in the cryptocurrency sector. This represents an increase from approximately 11% on Friday.
Investors can obtain exposure to MVDAPP through VanEck's Digital Transformation exchange-traded fund (ETF), which is designed to mirror the index "as closely as feasible," according to the firm's prospectus.
Shares of Coinbase (COIN), Strategy (MSTR), Metaplanet (3350 JP), and Block (XYZ) are among the 24 businesses included in the MVDAPP index that are held in the ETF.
Matthew Sigel, head of VanEck's research on digital assets, stated, "Our total holdings now exceed [Circle] CEO Jeremy Allaire's."
As of Friday, VanEck's Digital Transformation ETF, which was introduced in 2021, had more than $210 million in net assets and has returned 5.3% so far this year.
The NYSE saw an explosive debut for Circle stock
Less than three weeks ago, Circle started trading on the New York Stock Exchange, rapidly rising over its $31 IPO price. On the eve of its launch, the stablecoin issuer expanded the offering's size in anticipation of high demand.
Circle is the business that created USDC, the second-largest digital dollar stablecoin in circulation.
USDC is ready to play a critical role in the US digital asset economy if the high-profile GENIUS Act passes its final Congressional barrier. According to Cointelegraph, the GENIUS Act was passed by the Senate 68-30 and will now be debated in the House of Representatives.
Last Monday, Coinbase Derivatives and clearinghouse Nodal Clear announced plans to incorporate USDC into US futures markets, making the stablecoin suitable collateral for futures trading. The implementation is planned to occur next year.
