Circle, Coinbase shares rise after Senate passes stablecoin legislation

Regulatory Landscape & Market Impact - Senate passed landmark stable coin legislation, the Genius Act, potentially accelerating payment processing speeds and reducing costs [1] - Regulatory clarity for stablecoins has positively impacted ETH ETFs, leading to a resurgence this month [1] - Visa and Mastercard are experiencing a temporary downturn due to the potential disruption from stable coin payments [3] Company Performance & Innovation - Coinbase and Circle are experiencing significant positive movement following the stable coin legislation [1] - Circle's shares have surged by over 500% since its IPO earlier this month [3] - Coinbase is expanding beyond trading with the introduction of Coinbase Payments, enabling merchants to accept payments in USDC [2] - Coinbase's partnership with Shopify indicates a move towards integrating stable coin payments into e-commerce [2] Stablecoin & Payment Ecosystem - Many stable coins operate on the Ethereum blockchain [2] - The rise of stable coin payments could potentially erode revenue streams for traditional card networks [2]