BlockBeats News, June 19, the U.S. Senate recently overwhelmingly passed the "GENIUS Act," establishing a federal regulatory framework for USD-backed stablecoins. Driven by this significant development, known as the "First Stock of Stablecoins," Circle saw its stock price soar by nearly 30% on Wednesday. Since its listing on June 5, it has surged more than 6 times in just 10 days. Coinbase also rose by 12% on the same day, and Robinhood surged over 4%.
The passage of this act marks the United States' push for stablecoins to enter the mainstream payment sector and gives them a legal status as "digital cash". Circle CEO Jeremy Allaire expressed his excitement on social media: "History is being written."
Meanwhile, Cathie Wood aka "Wood Sister," under ARK Fund, has liquidated Circle stock for two consecutive days, cashing out nearly $100 million, sparking market concerns about short-term volatility at the high.
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