The cryptocurrency market showed growth on June 18 after significant news regarding legislative changes and new payment solutions.
Senate Passes Stablecoin Legislation
The GENIUS Act was passed in the Senate with a vote of 68-30. The bill requires issuers to back stablecoins with cash or short-term Treasuries and publish monthly reserve reports. Transparency provided by the Act is expected to attract more capital into the stablecoin market, which already exceeds $256 billion.
Coinbase Launches New Payment System
In parallel with the advancement of the bill, Coinbase introduced "Coinbase Payments," allowing merchants to accept payments in USDC 24/7. The system operates on Ethereum and charges a flat fee of 1%, which is lower than PayPal's rates. A partnership with Shopify serves as the first major integrator.
Growing Competition: Remittix
The project Remittix is also garnering attention, offering crypto-to-fiat transactions for freelancers and micro-merchants, posting a 28% increase in wallet installations. Unlike Coinbase, Remittix targets smaller transactions and shows potential for growth in emerging markets.
The growth of the cryptocurrency market is linked to stablecoin legislation and new payment solutions from Coinbase, signaling a potential evolution in financial technology.
