Coinbase rose 43% in June, leading the S&P 500, and the stablecoin narrative boosted valuations

Odaily Planet News According to CNBC, Coinbase (COIN) rose 43% in June, becoming the best-performing company in the S&P 500 index, and reached a high of $382 this week, creating a new record since its listing. Analysts point out that this rally is due to the advancement of the GENIUS Act (stablecoin regulatory legislation), which is expected to enhance Coinbase's revenue capabilities related to stablecoins. Especially Coinbase's close relationship with Circle, the issuer of USDC, allows it to directly obtain platform USDC deposit income and nearly half of other USDC revenues, totaling approximately 99% of Circle's income. This means shareholders can almost costlessly enjoy the income growth brought by Circle. Although overall trading volume has continued to decline since April, market focus has shifted from traditional trading fees to stablecoin yields and institutional narratives. With Washington's policy stabilizing and Circle's stock price reaching new highs, Coinbase's valuation logic is gradually moving away from the "exchange" attribute towards "compliant stablecoin financial infrastructure". However, institutions remain cautious about its valuation rationality, believing the current rise may involve speculative factors, and suggest paying attention to the potential divergence risk between COIN and BTC. (CoinDesk)