Circle Stock Jumps 30% After Senate Passes Stablecoin Bill

Stablecoin bill will still need to be passed by the House and signed by Trump.

Stablecoin issuer Circle surged 30% after the Senate passed legislation late Tuesday known as the Genius Act that will establish federal rules on the dollar-pegged tokens.

The bill will still need approval by the House of Representatives and signature by President Donald Trump, who wants to pass it by August. Shares of Circle, which went public two weeks ago at an IPO price of $31, have soared to $193, giving it a market value of $47 billion.

Coinbase, which owns 3.5% stake of Circle and receives about half of Circle’s revenue under a partnership, also jumped 15% Wednesday, reaching a market value of $75 billion.

Shares of Mastercard and Visa fell 4.8% and 4.4% respectively today amid concerns that stablecoins, if widely adopted, could allow merchants circumvent traditional payment systems and reduce fees.