Coinbase (COIN) Shares Explode Nearly 60% on Stablecoin Optimism and Regulatory Tailwinds

Shares in US crypto exchange Coinbase (COIN) are seeing massive gains amid regulatory advancements.

Shares in COIN soared from June’s low of $235 to a high of $369 as the platform gained a license to operate in Europe and as the US Senate approved legislation to regulate stablecoins.

Coinbase announced it has secured a Markets in Crypto Assets (MiCA) license from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF), which permits the platform to “offer our full suite of crypto products to all 27 EU member states.”

With the license, Coinbase will establish “its European crypto hub” in Luxembourg.

Meanwhile, US senators passed on June 17th the landmark Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), a bill aimed at regulating stablecoins.

The legislation seeks to establish a federal framework for stablecoin issuers, requiring full asset backing, monthly reserve disclosures, and annual audits for issuers exceeding $50 billion in market capitalization.

Also this month, the shares of the stablecoin giant Circle Internet Group (CRCL) surged after going public on June 5th.

The issuer of the second-largest dollar-pegged stablecoin USDC and the euro-pegged Euro Coin (EURC) saw its shares, which opened at $31, soar to a high of nearly $299 before retracing.

COIN is trading for $349 at time of writing, while CRCL is trading for $205.

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The post Coinbase (COIN) Shares Explode Nearly 60% on Stablecoin Optimism and Regulatory Tailwinds appeared first on The Daily Hodl.