The company also unveiled Coinbase Payments this week, a stablecoin-based solution for digital transactions across e-commerce platforms, reinforcing its product expansion strategy as regulatory clarity improves.

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.