#CryptoStocks The shares of Coinbase Global (COIN) increased by 11% yesterday, making the company the best performer in the S&P 500 index (US SPX 500 mini on FXOpen).

The strong increase was driven by the news that the United States Senate approved the GENIUS bill on stablecoins, which establishes a regulatory framework for the use of stablecoins, crypto assets whose value is linked to another currency or financial instrument, such as the US dollar.

The bill (which still requires approval from the House of Representatives) would pave the way for banks, fintech companies, and other participants in the financial market to use stablecoins. This development acted as a strong bullish catalyst for COIN shares.