History may be in the making for the crypto world. Shares of Circle and Coinbase surged on Wednesday after the US Senate passed the long-awaited GENIUS Act, a landmark bill aimed at regulating stablecoins and giving the digital dollar its clearest legal status yet.&nbsp;Circle, issuer of the second-largest stablecoin, ended the day 33.8 per cent higher. Coinbase jumped 16 per cent, while Robinhood, another crypto-friendly platform, rose 4.5 per cent, as reported by Reuters.<h2>GENIUS Act clears Senate, what happens next?</h2>The bipartisan vote marks a watershed moment for crypto oversight in the United States. The GENIUS Act—short for Guaranteed Electronic National Infrastructure for US-dollar Stablecoins-&nbsp;now moves to the Republican-controlled House of Representatives.&nbsp;&nbsp;If cleared, it will head to President Donald Trump for final approval, likely before the end of summer, as per Reuters.For an industry long trapped in regulatory ambiguity, this could mean a full reset.&nbsp;“If signed into law, we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet,” analysts at brokerage Bernstein wrote, as quoted by Reuters.<h2>Why markets cheered the bill</h2>Circle, which went public on the New York Stock Exchange earlier this month, has become one of the biggest beneficiaries of the stablecoin momentum. Its shares, initially priced at $31, closed at $199.59, with another 4.4 per cent jump after hours, according to Reuters.&nbsp;The company’s flagship token, USDC, co-developed with Coinbase, now boasts a market capitalisation of $61.4 billion, according to data from CoinGecko. The stablecoin also underpins much of Coinbase’s revenue from digital dollars, which surged 51 per cent in the first quarter as USDC hit a new record high.&nbsp;“This is history in the making,” said Circle CEO Jeremy Allaire on social platform X. “This legislation will drive US economic and national competitiveness for decades to come.”<h2>What the GENIUS Act will change</h2>If passed into law, the GENIUS Act will introduce tough transparency and reserve standards. All stablecoins will need to be fully backed by highly liquid assets such as US dollars or short-term Treasury bills, while issuers will be required to disclose the composition of their reserves publicly each month. Crucially, the bill will bring the sector under formal oversight by US regulators, offering long-awaited legal clarity.&nbsp;According to Reuters, analysts at Barclays said the bill could become one of two major crypto laws expected to pass in 2025, offering the industry its most comprehensive regulatory base to date.&nbsp;“While stablecoin demand is already impressive, the new bill can accelerate that demand,” said Andrew Rocco, strategist at Zacks Investment Research, as quoted by Reuters.<h2>Wider crypto sector stands to benefit</h2>Though the law is focused on dollar-pegged tokens, its ripple effects could lift the entire digital asset industry. Analysts at KBW said that providing legal status to stablecoins could act as a strong tailwind for Bitcoin and other major cryptocurrencies.&nbsp;The legislation may also pave the way for large corporates and traditional banks to develop their own regulated stablecoins.&nbsp;“This bill lends credibility to the entire digital asset space,” Rocco added, as quoted by Reuters.<h2>The bigger picture: Crypto goes mainstream?</h2>The global stablecoin market is now worth $256 billion, as per CoinGecko. With regulation now moving swiftly through Congress, analysts say the market could grow significantly, especially if stablecoins become embedded into e-commerce, cross-border trade, and digital financial infrastructure.&nbsp;For Coinbase and Circle, the rally may just be the beginning. But for the broader economy, the GENIUS Act could mark a turning point, the moment the US decided to embrace digital dollars, not resist them.&nbsp;(With inputs from the agencies)

Circle’s stock rose 33.8%, Coinbase 16%, and Robinhood 4.5%. The bill moves to the House for approval, potentially heading to President Trump soon. 

History may be in the making for the crypto world. Shares of Circle and Coinbase surged on Wednesday after the US Senate passed the long-awaited GENIUS Act, a landmark bill aimed at regulating stablecoins and giving the digital dollar its clearest legal status yet. Circle, issuer of the second-largest stablecoin, ended the day 33.8 per cent higher. Coinbase jumped 16 per cent, while Robinhood, another crypto-friendly platform, rose 4.5 per cent, as reported by Reuters. GENIUS Act clears Senate, what happens next? The bipartisan vote marks a watershed moment for crypto oversight in the United States. The GENIUS Act—short for Guaranteed Electronic National Infrastructure for US-dollar Stablecoins- now moves to the Republican-controlled House of Representatives. If cleared, it will head to President Donald Trump for final approval, likely before the end of summer, as per Reuters. For an industry long trapped in regulatory ambiguity, this could mean a full reset. “If signed into law, we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet,” analysts at brokerage Bernstein wrote, as quoted by Reuters. Why markets cheered the bill Circle, which went public on the New York Stock Exchange earlier this month, has become one of the biggest beneficiaries of the stablecoin momentum. Its shares, initially priced at $31, closed at $199.59, with another 4.4 per cent jump after hours, according to Reuters. The company’s flagship token, USDC, co-developed with Coinbase, now boasts a market capitalisation of $61.4 billion, according to data from CoinGecko. The stablecoin also underpins much of Coinbase’s revenue from digital dollars, which surged 51 per cent in the first quarter as USDC hit a new record high. “This is history in the making,” said Circle CEO Jeremy Allaire on social platform X. “This legislation will drive US economic and national competitiveness for decades to come.” What the GENIUS Act will change If passed into law, the GENIUS Act will introduce tough transparency and reserve standards. All stablecoins will need to be fully backed by highly liquid assets such as US dollars or short-term Treasury bills, while issuers will be required to disclose the composition of their reserves publicly each month. Crucially, the bill will bring the sector under formal oversight by US regulators, offering long-awaited legal clarity. According to Reuters, analysts at Barclays said the bill could become one of two major crypto laws expected to pass in 2025, offering the industry its most comprehensive regulatory base to date. “While stablecoin demand is already impressive, the new bill can accelerate that demand,” said Andrew Rocco, strategist at Zacks Investment Research, as quoted by Reuters. Wider crypto sector stands to benefit Though the law is focused on dollar-pegged tokens, its ripple effects could lift the entire digital asset industry. Analysts at KBW said that providing legal status to stablecoins could act as a strong tailwind for Bitcoin and other major cryptocurrencies. The legislation may also pave the way for large corporates and traditional banks to develop their own regulated stablecoins. “This bill lends credibility to the entire digital asset space,” Rocco added, as quoted by Reuters. The bigger picture: Crypto goes mainstream? The global stablecoin market is now worth $256 billion, as per CoinGecko. With regulation now moving swiftly through Congress, analysts say the market could grow significantly, especially if stablecoins become embedded into e-commerce, cross-border trade, and digital financial infrastructure. For Coinbase and Circle, the rally may just be the beginning. But for the broader economy, the GENIUS Act could mark a turning point, the moment the US decided to embrace digital dollars, not resist them. (With inputs from the agencies)

Shares of Circle and Coinbase surged after the US Senate passed the GENIUS Act, a pivotal bill regulating stablecoins and affirming the digital dollar's legal status.

Circle, Coinbase shares soar as Senate passes landmark stablecoin bill: What it means for crypto’s future

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Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. <o:p></o:p>

The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.<o:p></o:p>

According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. <o:p></o:p>

The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.<o:p></o:p>

While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.<o:p></o:p>

&nbsp;Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). <o:p></o:p>

Sun has vehemently denied the SEC's allegations, asserting that they lack merit.<o:p></o:p>

Circle's move to end USDC support on Tron impacts both institutional and retail users.<o:p></o:p>

Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. <o:p></o:p>

Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.<o:p></o:p>

The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. <o:p></o:p>

With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. <o:p></o:p>

According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. <o:p></o:p>

Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. <o:p></o:p>

However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market. According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework. While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain. Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). Sun has vehemently denied the SEC's allegations, asserting that they lack merit. Circle's move to end USDC support on Tron impacts both institutional and retail users. Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages. The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups. (With inputs from Reuters)

Circle ceases USDC support on Tron Blockchain amid regulatory concerns

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