Odaily News According to CNBC, Coinbase (COIN) rose 43% in June, becoming the best performing company in the S&P 500 index, and hit a high of $382 this week, a record high since its listing. Analysis pointed out that this round of gains benefited from the advancement of the GENIUS Act (stablecoin regulatory legislation), which is expected to enhance Coinbase's stablecoin-related revenue capabilities. In particular, Coinbase's close relationship with USDC issuer Circle allows it to directly obtain the platform's USDC deposit income, as well as nearly half of other USDC income, which together account for 99% of Circle's revenue. This means that shareholders can indirectly enjoy the revenue growth brought by Circle at almost no cost. Although overall trading volume has continued to decline since April, the market's focus has shifted from traditional trading fees to stablecoin income and institutional narratives. As Washington's policies stabilize and Circle's stock price hits new highs, Coinbase's valuation logic is gradually moving away from the "exchange" attribute and moving closer to "compliant stablecoin financial infrastructure." However, institutions remain vigilant about the rationality of its valuation, believing that there may be speculative factors in the current rise, and suggest paying attention to the risk of divergence between COIN and BTC. (CoinDesk)