These 10 Companies are in Beast Mode

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

Chime Financial, Inc. (NASDAQ:CHYM) rebounded by 8.93 percent on Wednesday to end at $31.59 apiece, in line with the rally in the financial services sector amid the broader industry’s growing optimism and adoption of digital currencies.

This followed the passage of the Stablecoins bill in the Senate last week. Also called the GENIUS Act, it aims to regulate the framework for digital currencies and bolster their adoption and wider use.

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

Last week, financial technology companies, including Chime Financial, Inc. (NASDAQ:CHYM), earned a beating from the bill’s passage as investors feared that the wider adoption of Stablecoins would pose a threat to traditional payment providers’ profit margins and heighten competition in the industry.

Various financial services companies have recently announced making a foray into the digital currency industry to keep up with the reshaping payments landscape.