Shares of Coinbase, Circle surge after stablecoin bill passes Senate

Shares of Coinbase, Circle surge after stablecoin bill passes Senate


Jeremy Allaire, CEO of Circle Internet Group, the issuer of one of the world’s biggest stablecoins, and Circle co-founder Sean Neville pose outside the New York Stock Exchange (NYSE), on the day of the company’s IPO in New York City, U.S., June 5, 2025.

NYSE

Shares of Circle and Coinbase rallied on Wednesday, as Wall Street cheered the Senate’s passage of the GENIUS Act, which would establish a federal framework for U.S. dollar-pegged stablecoins.

Circle, the issuer of the USDC stablecoin, rose 22% following the passing of the bill late Tuesday. It’s the continuation of a remarkable run for Circle’s stock since the company held its stock market debut on June 5. The shares are trading at about $180, up almost sixfold from their $31 IPO price.

Coinbase, which co-founded USDC and shares in 50% of its revenue with Circle, gained more than 10%. Stablecoins have become Coinbase’s biggest revenue driver after trading, with stablecoin-related income surging 50% year-over-year in the first quarter.

The GENIUS Act, short for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, allows private companies to issue stablecoins under strict guardrails, including full reserve backing and monthly audits.

Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

It represents the crypto industry’s first major legislative win, but still has to get signed into law. The bill now heads to the House, which has its own version of a stablecoin bill dubbed STABLE. Both prohibit yield-bearing consumer stablecoins, but diverge on who regulates what. 

The Senate version centralizes oversight with Treasury, while the House splits authority between the Federal Reserve, the Comptroller of the Currency, and others. Reconciling the two could take a while, especially as House Republicans weigh attaching a broader market structure package, according to congressional aides.

If the GENIUS Act becomes law, it could pave the way for explosive growth in the nearly $260 billion stablecoin market, and drive more revenue to key infrastructure players like Circle and Coinbase.

Coinbase earns 100% of the interest on USDC held directly on its platform. CEO Brian Armstrong has said he wants USDC to overtake Tether as the world’s top stablecoin.

“If you can get shared economics, I don’t see why we wouldn’t see more of these banks partnering with USDC,” Armstrong said last month, calling stablecoins a major pillar of Coinbase’s long-term growth.

WATCH: Circle CEO on upgrading the financial system

Circle CEO: The internet is entering a new chapter, upgrading the financial system



Source

Linda Yaccarino briefly loses verified X checkmark after stepping down as CEO
Technology

Linda Yaccarino briefly loses verified X checkmark after stepping down as CEO

X Corp’s CEO Linda Yaccarino looks on during the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol in Washington, U.S., January 31, 2024.  Nathan Howard | Reuters Ex-X CEO Linda Yaccarino is still @lindayaX on the social media site, but she briefly lost the blue checkmark next to her account […]

Read More
Tesla moves to expand Robotaxi to Phoenix, following rival Waymo
Technology

Tesla moves to expand Robotaxi to Phoenix, following rival Waymo

CNBC spotted a Tesla robotaxi in Austin, Texas, on June 24, 2025 Katie Tarasov Elon Musk’s Tesla has applied to test and eventually deploy its Robotaxi vehicles in Phoenix, Arizona, following in the footsteps of market leader Waymo. Tesla has applied to conduct autonomous vehicle testing and operations, with and without human safety drivers on […]

Read More
Trump to host Jensen Huang at White House as Nvidia tops  trillion market cap
Technology

Trump to host Jensen Huang at White House as Nvidia tops $4 trillion market cap

Nvidia CEO Jensen Huang delivers remarks next to U.S. President Donald Trump at an ‘Investing in America’ event in Washington, D.C., on April 30, 2025. Leah Millis | Reuters Nvidia CEO Jensen Huang will meet with President Donald Trump at the White House on Thursday, CNBC’s Megan Cassella reported. The meeting comes as Nvidia rose […]

Read More