Coinbase and Circle shares surged after US lawmakers signaled support for clearer stablecoin regulation by pushing through the GENIUS Act for House approval. The rally followed Tuesday’s 68-30 Senate vote in favor of the GENIUS Act.
Coinbase is expanding its partnership with clearinghouse Nodal Clear to bring Circle’s USDC stablecoin into US futures markets as eligible collateral. USDC will now be accepted as collateral for margined futures trading, a move designed to encourage stablecoin adoption in regulated derivatives markets.
U.S. President Donald Trump will extend a June 19 deadline for China-based ByteDance to divest the U.S. assets of short video app TikTok for 90 days despite a law that mandated a sale or shutdown absent significant progress, the White House said.
The Federal Reserve held interest rates steady and policymakers signaled borrowing costs are still likely to fall this year, but slowed the overall pace of expected future rate cuts in the face of estimated higher inflation flowing from the Trump administration’s tariff plans.
U.S. stocks were lower, with indexes adding to losses in afternoon trading as the Israel-Iran conflict raged on for a fifth day, with the U.S. military moving fighter jets to the Middle East. U.S. military is deploying more fighter aircraft to the Middle East and extending the deployment of other warplanes.
Sterling was lower against the dollar as market focus stayed on developments in the Middle East, while traders await a closely-watched UK inflation print due on Wednesday and a Bank of England interest rate decision due on Thursday.
