Just now, Coinbase (COIN) shares surpassed its previous ATH, which was set during its first public offering (IPO) in 2021. Given that stablecoins are integral to Coinbase’s business model, this news arrives just in time for today’s GENIUS Act signing at the White House, which bodes well for the company.
According to TradingView, Coinbase stock has surpassed its previous all-time high of $429, which it set on the day of its IPO in 2021. As of this writing, the stock is trading at about $436, a gain of more than 6% today.
Major Boost
The GENIUS Act, a stablecoin law, was passed by the U.S. House of Representatives, which led to the COIN stock rise. Stablecoins make up to 15% of Coinbase’s revenue, thus the bill’s passing is huge for the company.
The stablecoin market in the US is anticipated to have a boost from the measure. Therefore, the crypto exchange may see an uptick in earnings as time goes on. Bernstein analysts increased their price objective for COIN to $510 early this year, and the GENIUS Act is a major factor in that decision.
Stocks in other cryptocurrency exchanges, including Coinbase, are higher today on hopes of regulatory certainty brought forth by the stablecoin law.
In addition, by connecting with Shopify, Coinbase is growing its stablecoin business. Merchants may now accept payments using the USDC stablecoin, thanks to the exchange’s payment facility. Today, the GENIUS Act becomes law, and the stock is just riding this wave of enthusiasm. Something huge is occurring around 2:30 p.m. EST today, as Trump has already said.
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