Catenaa, Thursday, June 19, 2025- Shares of Circle and Coinbase surged Wednesday after the US Senate passed the GENIUS Act, a landmark bill to regulate stablecoins, setting the stage for mainstream adoption and long-awaited crypto oversight.
Circle closed 33.8% higher, Coinbase gained 16%, and Robinhood rose 4.5% following the vote, which passed with rare bipartisan backing.
The legislation aims to require stablecoin issuers to maintain dollar or Treasury-backed reserves and disclose monthly holdings, establishing the first federal framework for the $256 billion sector.
The bill, which now heads to the Republican-led House of Representatives, is expected to pass by late summer.
President Donald Trump has signaled support, with the White House framing it as a step to strengthen US digital economic leadership.
Circle, which launched its USDC stablecoin with Coinbase, saw its stock climb after a strong NYSE debut this month. USDC currently holds a $61.4 billion market cap.
Analysts say the bill could catalyze new growth in stablecoins by legitimizing them for broader internet finance use. Several major U.S. companies are reportedly exploring their own dollar-pegged tokens.
Brokerage firms including Bernstein and Barclays say regulation could position stablecoins as the digital money rails of the future, increasing demand and bolstering infrastructure providers like Circle and Coinbase.
