Shares of Coinbase, Circle surge after stablecoin bill passes Senate

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Shares of Circle and Coinbase surged after the Senate passed the GENIUS Act, which would create a federal framework for U.S. dollar‑pegged stablecoins. Circle’s stock jumped 33%, continuing its strong post‑IPO rally, while Coinbase rose over 16%, benefiting from stablecoins as a key revenue source. The GENIUS Act sets strict rules for stablecoin issuance and centralizes oversight under the Treasury, but still needs House approval, where a different bill proposes shared regulatory authority. If enacted, the law could boost the $260 billion stablecoin market and drive growth for companies like Circle and Coinbase, CNBC has reported. Coinbase also launched a new product enabling e‑commerce merchants to accept stablecoins with faster, cheaper payments.