Coinbase Leads S&P 500 With 43% Surge Amid Stablecoin Legislation Momentum

Shares of Nasdaq-listed crypto exchange Coinbase (COIN) soared 43% in June, making it the top-performing stock in the S&P 500 since joining the index last month. The rally marks Coinbase’s strongest monthly performance since November and extends its winning streak to three consecutive months. COIN reached a peak of $382 this week before a slight pullback, closing at $353 and dipping 0.7% in after-hours trading to $351.

This surge coincides with easing geopolitical tensions and a 5% rise in the broader S&P 500. A key driver for Coinbase’s bullish momentum is growing investor optimism around stablecoins, fueled by progress on the GENIUS Act — a proposed U.S. regulatory framework for dollar-pegged stablecoins. The bill has shifted focus from traditional trading fees to stablecoin-related revenue opportunities.

Coinbase benefits directly from its partnership with Circle, the issuer of USDC. The exchange retains all yield on USDC held by users and nearly 50% of other USDC-related income, amounting to roughly 99% of Circle’s revenue. Analysts, including Citizens Bank's Devin Ryan, highlight this as a major advantage for COIN shareholders, providing indirect exposure to Circle’s performance without additional cost.

Meanwhile, Circle’s valuation surged, briefly nearing Coinbase’s market cap, as its shares hit all-time highs. Despite Coinbase’s stock rally, trading activity remains muted, with average daily volume on the platform declining since April.

The continued rise of COIN amid stablecoin legislation signals growing market confidence in crypto infrastructure stocks. Investors are closely watching further regulatory developments and the evolving role of stablecoins in mainstream finance, positioning Coinbase as a key player in the next phase of crypto adoption.