Circle, Coinbase Surge After Senate Stablecoin Bill

Shares of Circle and Coinbase surged after the U.S. Senate passed the GENIUS Act, a bill aiming to regulate dollar-backed stablecoins with requirements for full backing by liquid assets and transparency. Circle’s stock, which began trading on June 5, has climbed over 400%, pushing its market cap above many S&P 500 companies. The GENIUS Act must still pass the House and gain President Trump's approval, but analysts are optimistic it will become law by summer. Former BitMEX CEO Arthur Hayes warns this regulatory clarity could fuel a speculative 'stablecoin mania' bubble, with copycat issuers likely to face overvaluation and tough competition from established players. Hayes also notes that banks and tech companies might bypass current stablecoin firms by launching their own tokens. The Senate’s move marks a significant shift in U.S. crypto policy and highlights growing mainstream interest in stablecoins.