The good performance of Circle (CRCL) to a source struck positively on the price of Coin.
The genius law, approved in the American Senate, was positive for the Exchange.
In a month of prominent increases, Coinbase (Coin), the second Bitcoin (BTC) and cryptocurrency with the highest volume of global trade, positioned itself as leader of the S&P 500 index, which groups the 500 most representative companies of the US economy.
From June 1 to the current day, Coin shares have registered a 46% increasesurpassing semiconductor and technology companies such as Micron Technology (MU), Advanced Micro Devices (AMD), on semiconductor (ON), Western Digital Corporation (WDC) and microchip technology (MCHP).
The impulse of Coinbase is due, in part, to the approval of the Genius Law in the American Senate, a key step to regulate the stablecoins, cryptocurrencies linked to Fíat coins such as the dollar.
The legislation, which now awaits a decisive vote in the House of Representatives, restricts the issuance of Stablecoins to secured deposit institutions or issuers with federal or state licenses, demanding robust reserves, annual audits and agile processes for cash conversions.
Coinbase, which manages a high volume of transactions in Stablcoins, directly benefits 50% of Circle’s income (CRCL), USDC station, and 100% of USDC revenues stored on its platform.
With one market capitalization of 61,000 million dollarsUSDC represents 24% of the Stablecoins market, only behind Tether (USDT).
On the other hand, Circle’s stock debut in the New York Stock Exchange on June 5 also promoted the price of COIN shares. Solid performance of Circle strengthened the positive perception of the market towards Coinbasewhich generates interest income on the reserves of this stablecoin.
In addition, Coinbase consolidated its global expansion by obtaining the Mica license from the Supervision Commission of the Luxembourg financial sector. This authorization allows you to operate in the 27 countries of the European Union, optimizing its presence in markets such as Spain and Germany, as reported by cryptootics.
Since its incorporation into S&P 500 on May 19, Coinbase has demonstrated sustained growth, capitalizing on opportunities in the cryptocurrency sector.
