$USDC

A couple of cryptocurrency-related stocks explode

Following the passage of stablecoin legislation in the Senate, Circle and Coinbase celebrated as if it were 1999 (and they were Internet bubble stocks) and each saw a double-digit increase in hopes that cryptocurrencies become something mainstream.

In the early afternoon, CIRCLE reached $180, hitting a new all-time high for the stock. Subsequently, it climbed, closing the session just below $200, with a 33% increase for the day. COIN's shares, on the other hand, rose by 16% to reach $295.

Circle is the issuer of USDC, the second-largest stablecoin in the industry, pegged to the US dollar, after Tether's USDT. The latter has a market capitalization close to $155 billion, while USDC approaches one-third of that size. However, Coinbase is aligned with USDC, the exchange's stablecoin, which benefits its results, as Coinbase participates in the revenue derived from the interest generated by the USDC reserves that back the circulating USDC.

For its part, Coinbase made $217 million in profit in the first quarter thanks to the revenue-sharing agreement, compared to $197 million in the first quarter of 2024.