Massive Sell-Offs: These 10 Stocks Shockingly Nosedived

5. Chime Financial, Inc. (NASDAQ:CHYM)

Chime Financial marked its first week as a publicly listed company in the negative territory, having lost 15 percent to close Friday at $29.53 versus the $34.79 finish on June 13.

Its sour trading performance can be owed to the Senate’s passage of the Stablecoins bill, which would regulate the framework for the digital currency and heighten competition for traditional payment services providers.

Stablecoins are a type of currency designed to maintain a 1:1 ratio with the US dollar and are widely used by cryptocurrency traders to move funds between tokens.

Under the administration of President Donald Trump, Stablecoins gained momentum as an alternative payment method, emerging as a potential competitor to traditional payments companies, including Chime Financial, Inc. (NASDAQ:CHYM).