Jim Cramer has a blunt warning to Circle over BlackRock

Circle Internet Group (NYSE: CRCL) hit an all-time high of $259 on Friday, rallying over 23% in a single day after the GENIUS Act — a key stablecoin regulation bill — cleared both chambers of Congress.

The surge cements Circle’s position as the early winner of the crypto policy wave in Washington. But not everyone is cheering.

Jim Cramer, CNBC host, had a characteristically blunt take on Circle’s sudden rise. In a post on X, he questioned whether the stablecoin issuer’s value proposition still makes sense now that the regulatory door is open for new entrants.

“Trying to figure out the importance of Circle Internet Group now that anyone can establish a stablecoin,” Cramer wrote. “My charitable trust owns BlackRock. Larry Fink believes in crypto — why wouldn’t the largest repository of assets create one so we can go in and out seamlessly with the rest of our assets?”

Trying to figure out the importance of Circle Internet Group now that anyone can establish a stable coin. My charitable trust owns Blackrock. Larry Fink believes in Crypto, why wouldn't the largest repository of assets create one so we can go in and out seamlessly with the rest…

— Jim Cramer (@jimcramer) July 18, 2025

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USDT leads with a $113.5 billion market cap, dominating global volume. USDC, issued by Circle, holds $32.4 billion and is favored by U.S. institutions post-GENIUS Act.

While USDT thrives on reach and liquidity, USDC wins on compliance and transparency.

Larry Fink, CEO of BlackRock, has been increasingly vocal about his belief in crypto, tokenization, and digital assets. BlackRock already has a relationship with Circle and has launched its own tokenized fund, BUIDL, on Ethereum. That makes the question all the more relevant — what’s stopping them from launching their own stablecoin next?

And Cramer’s not wrong to question Circle’s future edge. On one side, Fidelity is already in advanced stages of developing a stablecoin. According to a March 2025 Financial Times report, Fidelity is working on a token designed to act as “digital cash” and support its tokenized U.S. Treasury fund — offering clients an easier way to move in and out of traditional assets using blockchain.

On the other hand, while BlackRock hasn’t formally announced any stablecoin plans, it’s become a leading force in asset tokenization — and now manages a $2.8 billion tokenized Treasury fund (BUIDL). Cramer’s nudge implies it’s only a matter of time before BlackRock gets into the stablecoin game.