Coinbase (NASDAQ: COIN) hit a record high of $444.64 shortly after markets opened on Friday, July 18. The surge comes ahead of the GENIUS Act signing at the White House this afternoon. The bill, which was passed by the U.S. House on Thursday, sets rules for stablecoins, which are, by definition, digital dollars backed by real assets.
This is big news for Coinbase, since stablecoins are an important part of its business and bring in about 15% of its total revenue. The U.S. House of Representatives passed the GENIUS Act, along with two other crypto-related bills: the CLARITY Act and the Anti-CBDC Act.
The CLARITY Act explains which government agencies will oversee crypto in the future, between the SEC and the CFTC. The Anti-CBDC Act is meant to stop the creation of a government-controlled digital dollar. These three bills give the crypto world more certainty, which investors have been waiting for.
At the opening of the stock market today, Coinbase shares jumped over 6% to $444. This beats the company’s old high of $429, which happened in April 2021 on the day it went public. The COIN stock now trades for $413.
The rally has also lifted other crypto stocks. For instance, Robinhood (HOOD) jumped to a new high of $113.44. Galaxy Digital (GLXY) and Circle (CRCL) are also up, while Strategy (MSTR) is slightly down. President Trump is expected to sign the GENIUS Act into law today at 2:30 p.m. EST. He called it a “big signing” during a short speech this morning.
Moreover, Coinbase has been pushing deeper into stablecoin payments. The company recently partnered with Shopify to allow online stores to accept USDC, one of the most popular stablecoins.
Also Read: U.S. Banking Giants Sees Stablecoins as Threat Amid Crypto Week
