#CryptoStocks

Shares of Circle and Coinbase rallied on Wednesday, as Wall Street cheered the Senate’s passage of the GENIUS Act, which would establish a federal framework for U.S. dollar-pegged stablecoins.

Circle, the issuer of the USDC stablecoin, rose 33% following the passing of the bill late Tuesday. It’s the continuation of a remarkable run for Circle’s stock since the company held its stock market debut on June 5. The shares are trading at about $180, up almost sixfold from their $31 IPO price.

Coinbase, which co-founded USDC and shares in 50% of its revenue with Circle, gained more than 16%. Stablecoins have become Coinbase’s biggest revenue driver after trading, with stablecoin-related income surging 50% year-over-year in the first quarter.