Coinbase rose 43% in June, leading the S&P 500, with stablecoin narrative boosting valuation

Odaily Planet Daily News: According to CNBC, Coinbase (COIN) rose 43% in June, becoming the best performing company in the S&P 500 index, and hit a high of $382 this week, setting a new high since going public. Analysis suggests that this round of gains is due to the advancement of the GENIUS Act (stablecoin regulatory legislation), which is expected to enhance Coinbase's ability to generate revenue related to stablecoins. Especially Coinbase's close relationship with Circle, the issuer of USDC, allows it to directly receive platform USDC deposit returns, as well as nearly half of other USDC returns, totaling 99% of Circle's revenue. This means that shareholders can indirectly enjoy the revenue growth brought by Circle at almost no cost. Despite the continuous decline in overall trading volume since April, market attention has shifted from traditional trading fees to stablecoin returns and institutional narratives. As Washington's policies stabilize and Circle's stock price hits new highs, Coinbase's valuation logic is gradually moving away from its "exchange" nature and towards a "compliant stablecoin financial infrastructure". However, institutions remain vigilant about the reasonableness of its valuation and believe that the current rise may be due to speculative factors. It is recommended to pay attention to the divergence risk between COIN and BTC. （CoinDesk）