š Binance News Post: Stablecoin Surge After GENIUS Act Approval
Shares of Circle and Coinbase soared after the U.S. Senate approved the GENIUS Act, a landmark move toward creating a federal regulatory framework for USD-pegged stablecoins.
š¹ Circle, the issuer of USDC, surged 33%, continuing its strong momentum since its IPO on June 5ārising from $31 to nearly $180 per share.
š¹ Coinbase, which co-founded USDC and earns 50% of its revenue through a partnership with Circle, gained 16%+.
The GENIUS Act mandates:
šµ Full-reserve backing of stablecoins
š Monthly audits
š Regulatory clarity for the $260B stablecoin market
The bill now heads to the House of Representatives, where a competing version awaits. If unified and passed, it could supercharge growth across the stablecoin ecosystemābenefiting key infrastructure players like Circle and Coinbase.
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