Top crypto stocks on Wall Street surged on Wednesday after the U.S. Senate approved a milestone stablecoin bill, fuelling hopes for broader adoption of what was once a niche corner of the crypto sector.
The bill was passed with bipartisan support, marking a turning point in the debate over crypto oversight, and a breakthrough for a sector long stuck in regulatory limbo.
The tokens have gained traction for offering crypto’s convenience without its volatility. Pegged to currencies like the U.S. dollar, they aim to hold a stable value backed by reserves.
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Stablecoin issuer Circle’s shares were last up 20%. Crypto exchange Coinbase rose 14%, while commission-free brokerage Robinhood, which offers crypto trading, gained 3.4%.
The Republican-controlled House of Representatives must pass its version of the bill, known as the GENIUS Act, before it heads to President Donald Trump for approval.
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“Once passed into a law (likely by the end of summer), we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet,” analysts at brokerage Bernstein said.
Circle, the issuer of the second-largest stablecoin by market value, went public earlier this month in a blowout debut on the New York Stock Exchange. Its shares were last at $173.60, versus IPO price of $31.
