Circle and Coinbase stocks soared Wednesday after the U.S. Senate passed the GENIUS Act—a historic step toward regulating U.S. dollar-pegged stablecoins. The bill, officially named the Guiding and Establishing National Innovation for U.S. Stablecoins Act, lays the groundwork for a federal framework for stablecoin issuance, aiming to boost investor confidence and foster innovation in the digital asset ecosystem.
🔥 Circle Stock Skyrockets 22%; Coinbase Rallies Over 10%
- Circle (USDC issuer) jumped 22% following the late Tuesday vote, continuing a meteoric climb since its June 5 IPO. From a modest $31 IPO, Circle shares are now trading at $180, a nearly sixfold increase.
- Coinbase (NASDAQ: COIN), which co-founded USDC and shares 50% of its stablecoin revenue with Circle, gained over 10% as analysts hailed the GENIUS Act as a potential revenue goldmine.
Stablecoins have emerged as Coinbase’s second-largest income stream, with stablecoin-related revenue up 50% YoY in Q1. CEO Brian Armstrong has repeatedly emphasized the long-term potential of USDC, stating that he envisions it surpassing Tether as the world’s leading stablecoin.
🏛️ What is the GENIUS Act?
The GENIUS Act enables private companies to issue stablecoins under strict regulatory guidelines, including:
- 100% reserve backing
- Monthly third-party audits
- Ban on interest-bearing stablecoins for retail consumers
While the Senate version gives oversight power to the U.S. Treasury, the House’s version—known as the STABLE Act—splits regulatory authority between the Federal Reserve, OCC, and other agencies. The final law must reconcile these two versions, which could take weeks or longer as lawmakers debate adding broader crypto market rules.
🚀 Stablecoin Regulation Could Spark $260B Market Boom
According to Circle Chief Policy Officer Faryar Shirzad, the GENIUS Act could trigger a massive wave of investment into the U.S. stablecoin sector. In an interview with CNBC’s Money Movers, he stated:
“This bipartisan effort gives regulatory clarity. Now, billions of investment dollars can build the next generation of the financial system.”
💳 Coinbase Launches Stablecoin Payments for Merchants
Adding to the momentum, Coinbase unveiled a new merchant payments tool on Wednesday, allowing e-commerce businesses to accept stablecoin payments with near-instant settlement and lower fees. The move directly challenges legacy payment systems like Visa and Mastercard, aligning with Coinbase’s long-term goal to revolutionize global finance using blockchain infrastructure.
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