Overview

• Senate passage of the stablecoin regulation framework requires full-reserve backing, monthly audits, and anti-money laundering compliance for digital tokens tied to the dollar.
• Coinbase stock rose almost 30% over the past week, making it the top gainer on the S&P 500 and trading above $340 at its highest levels since December.
• Cathie Wood’s Ark Invest acquired nearly 4,200 shares and Benchmark lifted its price target on Coinbase to $421 from $301.
• The launch of Coinbase Payments with Shopify enables merchants to accept USDC, bolstering stablecoins as Coinbase’s second-largest source of revenue.
• The company holds over $8 billion in cash and equivalents and reported net profits of $2.6 billion last year despite trading at a premium with a P/E ratio near 45.