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.

Written by B.C. Begley