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Circle, Coinbase Surge as Senate Passes Landmark Stablecoin Bill

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Shares of Circle and Coinbase soared on Wednesday after the U.S. Senate passed a landmark bipartisan bill to regulate stablecoins — a milestone that could legitimize and accelerate the growth of this key part of the cryptocurrency industry.

The legislation, known as the GENIUS Act, marks a rare moment of bipartisan agreement on crypto oversight and opens the door for broader adoption of dollar-pegged digital tokens, which aim to combine the convenience of crypto with the stability of fiat currencies.

Circle (CRCL.N) — the issuer of the USDC stablecoin — saw its stock climb 33.8%, closing at $199.59, more than six times its $31 IPO price earlier this month. Coinbase (COIN.O), which co-founded USDC with Circle, rose 16%, while crypto-friendly Robinhood gained 4.5%.

“History is being made,” said Circle CEO Jeremy Allaire on X. He predicted the legislation would enhance U.S. economic competitiveness for “decades to come.”

The bill must still be passed by the Republican-controlled House of Representatives before heading to President Donald Trump, who is expected to sign it by the end of summer.

If enacted, the bill would require stablecoins to be fully backed by liquid assets such as U.S. dollars or short-term Treasuries, with monthly public reserve disclosures — providing a regulatory framework that backers say will boost investor confidence and encourage institutional adoption.

Circle’s USDC is the second-largest stablecoin, with a market cap of $61.4 billion, and has helped power a 51% rise in Coinbase’s stablecoin revenue in Q1 alone. Analysts now see stablecoins evolving beyond crypto into a universal internet payment rail, comparable to digital cash.

“This bill could transform stablecoins from niche financial tools into core internet infrastructure,” wrote analysts at Bernstein.

Other corporates are reportedly exploring launching their own stablecoins, encouraged by the clarity the GENIUS Act promises. Meanwhile, analysts at KBW noted that the bill could also act as a tailwind for cryptocurrencies like bitcoin, which often trade alongside stablecoin demand.

Industry observers say the GENIUS Act is one of two key crypto bills that could become law in 2025 — a turning point for a sector long hindered by regulatory uncertainty.

Stablecoins Hit Record $251.7 Billion Market Cap as U.S. Senate Advances Regulatory Bill

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The market capitalization of stablecoins surged to a record $251.7 billion on Wednesday, marking a 22% increase so far in 2025, according to data from CoinDesk. The milestone coincides with a significant regulatory breakthrough as the U.S. Senate passed a bill aimed at bringing clarity and legitimacy to the fast-growing digital asset class.

Stablecoins — cryptocurrencies pegged to traditional currencies like the U.S. dollar — have become vital tools for crypto traders, allowing them to quickly move between assets without exposure to market volatility. But their growing role in digital finance has also sparked concerns about financial stability, prompting U.S. lawmakers to step in.

The new Senate-approved bill would, if signed into law, require stablecoins to be:

  • Fully backed by liquid assets, such as U.S. dollars or short-term Treasury bills, and

  • Subject to monthly public disclosure of reserve composition by issuers.

The proposed framework is being hailed by many in the crypto industry as a major legitimizing step. Proponents argue that with clear rules and reserve transparency, stablecoins could be used for instant global payments and could serve as a bridge between traditional finance and decentralized systems.

However, critics remain cautious. Some analysts warn that a growing reliance on stablecoins could tighten the link between the crypto market and traditional financial infrastructure, increasing systemic risk if not carefully managed.

Still, the surge in stablecoin market cap reflects renewed investor confidence. The bill’s advancement sends a clear message: regulation is coming, and the market is preparing to embrace it.

US Senate Passes Bill to Regulate Stablecoins, Boosting Corporate Adoption Prospects

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The U.S. Senate has approved the GENIUS Act, a bill establishing a regulatory framework for stablecoins, marking a significant milestone for the growing segment of cryptocurrency designed to maintain stable value, typically pegged 1:1 to the U.S. dollar. The bill’s passage is seen as a key step toward broader adoption of stablecoins by corporations worldwide.

Stablecoins facilitate crypto traders’ movement of funds between tokens, but clearer regulations have been lacking. The bill now moves to the Republican-controlled House of Representatives, where its version must pass before heading to former President Donald Trump’s desk for signing.

If enacted, the law will require stablecoins to be fully backed by liquid assets—such as U.S. dollars and short-term Treasury bills—and mandate issuers to publicly disclose monthly reserve compositions. Analysts believe this regulatory clarity could unlock wider use by companies across multiple sectors.

Several major firms are already engaged or exploring stablecoin initiatives globally:

  • Major U.S. Banks:
    Bank of America CEO Brian Moynihan has indicated possible stablecoin launches. Morgan Stanley seeks to work with regulators on crypto-related transaction roles. Both remain cautious, focusing on pilot programs or partnerships.

  • Societe Generale (France):
    Plans to issue a publicly tradable, dollar-backed stablecoin via its digital asset subsidiary.

  • Retail Giants Walmart and Amazon:
    Reports suggest recent exploration of stablecoin issuance, though Walmart denies current plans and Amazon has not commented.

  • Banco Santander (Spain):
    Considering digital asset expansion including early-stage stablecoin projects.

  • Crypto and Fintech Firms:
    World Liberty Financial launched a dollar-pegged stablecoin USD1 this year. PayPal released a U.S. dollar stablecoin in August 2023. Circle Internet’s USDC and Paxos’ stablecoins are among the largest. Tether’s USDT remains the largest by market cap, followed by MakerDAO’s DAI.

The GENIUS Act’s passage signals increasing regulatory acceptance of stablecoins, potentially accelerating their integration into mainstream corporate finance and payment systems.