The USDC stablecoin issuer Circle surged nearly 20% after the GENIUS Act passed the Senate, with shares trading at around $180, up almost sixfold from its IPO price. Coinbase, which co-founded USDC and earns 50% of its revenue, rose almost 10%. The GENIUS Act could spark growth in the $260 billion stablecoin market by establishing a federal framework for U.S. dollar-pegged stablecoins.
The bill allows private companies to issue stablecoins under strict guardrails, including full reserve backing and monthly audits. It represents the crypto industry’s first major legislative win but still needs to be signed into law. The Senate version centralizes oversight with Treasury, while the House has its own version with a different regulatory structure.
Industry experts predict that passage of the GENIUS Act could pave the way for explosive growth in the stablecoin market and drive revenue to key infrastructure players like Circle and Coinbase. Circle’s Chief Policy Officer Faryar Shirzad believes the act will provide regulatory clarity, leading to investment in the sector.
Coinbase has also announced a new merchant payments product that allows e-commerce businesses to accept stablecoin payments with near-instant settlement and lower fees. CEO Brian Armstrong wants USDC to overtake Tether as the world’s top stablecoin, citing shared economics as key to its success.
Source: https://www.cnbc.com/2025/06/18/shares-of-coinbase-circle-surge-after-stablecoin-bill-passes-senate.html