Shares of Coinbase Global (COIN) surged 11% to lead S&P 500 gainers Wednesday afternoon, a day after the Senate passed the GENIUS Act to set up federal boundaries for the use of stablecoins. The legislation would open the door for use of stablecoins—cryptocurrencies whose value is tied to another currency or financial asset such as the U.

The U.S. Senate's passage of the GENIUS Act propelled Coinbase and Circle shares upwards, boosting stablecoin legitimacy. Bitcoin Pepe's presale surges.