Major gains in crypto-linked equities marked Wednesday’s trading session as the U.S. Senate cleared a crucial stablecoin bill.
The legislation proposal, known as the GENIUS Act, propelled stablecoin names—especially Circle (CRCL) and Coinbase (COIN)—into sharp focus. This is emerging as a watershed moment for dollar-backed cryptocurrencies and their integration into everyday commerce.
Stablecoin Bill Ushers Crypto Into Mainstream Finance
The Senate approved the GENIUS Act by a decisive 68–30 vote, setting a regulatory framework for dollar-backed stablecoins like USDC and USDT. With requirements such as full reserve backing, monthly audits, and anti-money-laundering compliance, the bill gives legal definition and legitimacy to stablecoins as digital cash for payments.
Circle stock surged more than a third on the announcement, rallying from around $150 to close near $200, and has now gained over 500% since its IPO debut in early June. Market optimism stems from the belief that this legislation could cement U.S. leadership in crypto infrastructure and unlock broader adoption for stablecoins.
A Bernstein research note highlighted the act's intention “to drive broader mainstream adoption for payments & settlement”—beyond just crypto exchanges.
Coinbase Bets Big on USDC Payments Infrastructure
Trading volume spilled over into Coinbase, whose shares jumped more than 16%. The crypto exchange also unveiled “Coinbase Payments,” a new commerce toolkit that enables 24/7 USDC payments. Already live with Shopify, the platform allows merchants to accept stablecoin transactions globally without needing to manage blockchain technicalities.
Trading volume spilled over into Coinbase, whose shares jumped more than 16%. The crypto exchange also unveiled “Coinbase Payments,” a new commerce toolkit that enables 24/7 USDC payments. Already live with Shopify, the platform allows merchants to accept stablecoin transactions globally without needing to manage blockchain technicalities.
With stablecoin transaction volumes reaching an estimated $30 trillion last year—tripling from the year before—Coinbase expects significant upside . The toolset mimics the speed, security, and dispute resolution of traditional payment systems while embedding on‑chain settlement, signaling a strategic push into everyday payments.
Circle Rockets on Regulatory Certainty and Market Momentum
Circle saw its stock climb over 30% on Wednesday, hitting record highs above $200. CEO Jeremy Allaire hailed the Senate vote as a pivotal step "for US dollar stablecoins—and U.S. economic and national competitiveness” . Investors responded, driving Circle's shares skyward following its blockbuster rise earlier this month.
This dramatic run-up reflects a belief that Circle, a leading USDC provider, not only benefits from regulation but could also shape future payments infrastructure as blockchain becomes more mainstream.
Conclusion
The suspense elevates as the GENIUS Act proceeds to the House and, ultimately, the president’s desk. If signed into law, stablecoins may soon gain legal footing for widespread use in everyday transactions. Coinbase’s launch of USDC-based merchant tools and Circle’s regulatory validation suggest both companies are positioning for this future. For investors, this legislative step—and the stocks reacting to it—spotlight stablecoins as a critical inflection point in the convergence of crypto and traditional finance.
Conclusion
The suspense elevates as the GENIUS Act proceeds to the House and, ultimately, the president’s desk. If signed into law, stablecoins may soon gain legal footing for widespread use in everyday transactions. Coinbase’s launch of USDC-based merchant tools and Circle’s regulatory validation suggest both companies are positioning for this future. For investors, this legislative step—and the stocks reacting to it—spotlight stablecoins as a critical inflection point in the convergence of crypto and traditional finance.
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