The cryptocurrency sector experienced another significant week marked by notable developments. Recently, the Senate approved a bill aimed at creating a federal framework for stablecoins, which are cryptocurrencies pegged to the value of the U.S. dollar. This legislation, referred to as the GENIUS Act, still requires the endorsement of the House and the President. Nevertheless, its rapid advancement has been praised by the crypto community, viewing it as a pivotal move toward the broader acceptance of stablecoins in conventional financial services.
Shares of Circle (CRCL), the issuer of the world’s second-largest stablecoin, USDC, surged by 80% over the past week, closing on Friday with remarkable gains. The stock has seen a staggering increase of approximately eightfold since its initial public offering on June 5.
Coinbase Global (COIN), a major U.S. cryptocurrency exchange and a key partner of Circle, also benefited from this momentum, witnessing a 27% rise over the week. Coinbase holds a minority stake in Circle and generates revenue from the USDC that Circle issues.
Meanwhile, SRM Entertainment, a lesser-known company based in Winter Park, Florida, made headlines with its stock skyrocketing by about 661% following an announcement on June 16. The company revealed a partnership with the crypto platform Tron, which will involve purchasing Tron tokens, rebranding itself as Tron Inc., and bringing Tron founder Justin Sun on board as an adviser.
President Trump joined the excitement as well. A day after the Senate passed the GENIUS Act by a vote of 68-30, he referred to the legislation in a post as “an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets.” The President’s enthusiasm is understandable, given that the cryptocurrency sector has been making significant strides this year in Washington. Furthermore, Trump and his family have been increasingly linked to the industry, engaging in various ventures ranging from memecoins to stablecoin issuance and bitcoin mining.
Recently, the Trump Media and Technology Group announced a substantial $2.5 billion fundraising initiative aimed at acquiring cryptocurrencies. The SEC approved the group’s plan to issue equity and debt to begin accumulating and holding bitcoin. An updated financial disclosure revealed that Trump earned $57 million last year from his involvement with tokens associated with World Liberty Financial, a decentralized finance project that lists him and his sons as advisers.
World Liberty Financial, led by CEO Zach Witkoff, who is also the son of the President’s envoy to the Middle East, launched a stablecoin earlier this year. This stablecoin was selected as the payment method for the UAE sovereign wealth fund MGX to facilitate a $2 billion fundraising effort for the crypto exchange Binance. Notably, Binance’s founder, Changpeng Zhao, has been reported to be seeking a pardon.
In a recent development, the SEC dismissed an ongoing civil enforcement action against Binance entities, and Zhao had previously filed allegations of securities violations in June 2023.
Justin Sun, the founder of Tron, is also heavily invested in two crypto initiatives associated with Trump. As a major holder of Trump’s memecoin, Sun attended an exclusive dinner at Trump’s Virginia golf course last month. Prior to this, he invested $75 million in World Liberty tokens.
The growing acceptance of cryptocurrencies in Washington, particularly with the passage of the GENIUS Act and the involvement of President Trump, has been hailed as a significant turning point for the crypto industry. Yat Siu, the executive chairman of Animoca Brands, a Hong Kong-based crypto developer, noted that the bill’s bipartisan support offers stablecoin issuers, including banks and technology firms, the opportunity to innovate under a clear regulatory environment.
The Trump administration has been signaling its intention to foster growth in the stablecoin market. Last week, Treasury Secretary Scott Bessent informed lawmakers that this legislation could propel the U.S. stablecoin market to exceed $2 trillion by the end of 2028. Since the GENIUS Act mandates that companies issuing stablecoins must hold $1 in cash or short-term U.S. Treasuries for every dollar in stablecoins they distribute, the anticipated growth of the stablecoin market is likely to increase demand for U.S. debt instruments. Recent estimates from analysts at Standard Chartered and Morgan Stanley suggest that the current U.S. Treasury holdings in the stablecoin market range between $166 billion and nearly $200 billion.
However, the bill has faced criticism. Some Democrats, including Senator Elizabeth Warren, have voiced concerns regarding the lack of amendments to enhance consumer protections, particularly those restricting the President and his family from benefiting from businesses linked to the legislation. Warren emphasized that the GENIUS Act contains significant loopholes that could allow major technology firms and retailers to create their own private currencies structured as stablecoins, urging that the bill should not pass without amendments to address these potential risks.
In a related note, Jeremy Allaire, co-founder and CEO of Circle Internet Group, which issues one of the largest stablecoins in the world, was seen shaking hands with co-founder Sean Neville outside the New York Stock Exchange on the day of Circle’s IPO, which took place on June 5, 2025. This highlights the ongoing engagement and activity in the cryptocurrency sector as it continues to evolve and gain traction.
