Coinbase stock soars to new all-time high following stablecoin GENIUS vote, Base App rebrand

Shares of Coinbase Global (ticker COIN) hit a new all-time intraday high on Friday morning as traders continue to ride bullish momentum in the U.S. regulatory landscape.

Coinbase's IPO was priced at $250 per share and listed for trading in April 2021. The stock opened that day at $381 and hit a high of $429.54 before closing the day at $328.28.

At the time of publication, the stock traded higher by 5.3% to $432.40, according to The Block's COIN price data. Earlier this week, Coinbase hit a $100 billion market cap for the first time after Bitcoin notched its own fresh all-time high.

Friday's move comes after two drama-filled days between U.S. lawmakers. On Thursday afternoon, the House passed landmark crypto legislation to establish a federal regulatory framework for stablecoins and outline rules for the broader digital asset industry.

"Huge bipartisan turnout to advance stablecoins AND market structure in the House!" said Emilie Choi, president at Coinbase. "This is a giant step toward cementing America’s dominance in crypto and tech innovation broadly."

Base rebrand

Also this week, Coinbase unveiled its new Base App, replacing Coinbase Wallet, which bundles social networking, mini-apps, trading, and instant USDC payments into one platform powered by its Ethereum Layer 2 Base ecosystem.

"Coinbase is making a broader push into consumer payments and financial services, beyond its core exchange business," Bernstein analysts wrote Thursday in a flash note to clients. "Through Base App, Base chain and Base Pay, Coinbase is attempting to lock in customer and businesses into its ecosystem capturing USDC deposits and payments."

By rewarding USDC balances with 4% APY, Coinbase aims to get USDC in the hands of more users, Berstein said. Circle's USDC is the world's second-largest U.S. dollar-pegged stablecoin behind Tether's USDT. The widespread adoption of USDC aligns with Coinbase as Circle’s distribution and revenue-sharing partner, since USDC forms 15% of Coinbase’s total revenues.

Stablecoin payments will require multiple iterations to refine the user experience and remove blockchain friction, Bernstein said. USDC, as the leading regulated stablecoin in the U.S., is likely to see broader integration by fintechs and payment platforms. Circle should focus on expanding distribution through Coinbase and new partners to solidify its lead before rivals catch up.

Of note, Coinbase also broke into the top 100 Apple App Store rankings for the first time since January.

Bernstein rates COIN at "outperform" with a $510 price target. Shares have risen nearly 70% in the year-to-date period.

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