Coinbase Global (COIN) Jumps 27% W/W on Stablecoin Bill Passage, Stock Trading Adoption Plan

Coinbase Global, Inc. (NASDAQ:COIN) is one of the Double-Digit Winners: 10 Stocks Crushing The Market.

Coinbase Global rallied by 27 percent week-on-week, capping off Friday at $308.38 versus the $242.71 on June 13, as investors gobbled up shares following the passage of the Stablecoin bill and plans to incorporate stock trading into its operations.

Last week, Coinbase Global, Inc. (NASDAQ:COIN) sought the approval of the Securities and Exchange Commission to allow stock trading through its blockchain technology. If approved, it would directly compete with Robinhood Markets Inc. (NASDAQ:HOOD) and Charles Schwab Corp. (NYSE:SCHW) in offering stock trading services.

According to Coinbase Global, Inc. (NASDAQ:COIN), the new initiative will be “a huge priority,” enabling it to diversify beyond cryptocurrencies.

Tokenizing equities is a process in which shares of a company are converted into a digital token, similar to how cryptocurrencies are traded. Instead of holding the securities directly, investors hold tokens that represent ownership of the securities.

A shot of someone securely accepting crypto assets as payment, showcasing the company’s payment solutions.

Meanwhile, senators have officially approved the GENIUS Act bill, which seeks to establish a regulatory framework for the use of Stablecoin. If passed into law, the bill would push the wider use of cryptocurrency in the markets and would directly compete with traditional payments providers such as Mastercard and Visa.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.