Shiver Me Timbers! Coinbase Sails to Treasure Island on a Sea of Crypto Gold!

Why is the rum always gone?

Blimey! Seems even a scallywag like yours truly Captain Jack Sparrow must take note when a treasure chest overflows! And right now the chest belongin' to Coinbase be doin' just that! Aye they've been havin' a whale of a time in June climbin' the S&P 500 faster than I can swindle a pirate lord outta his doubloons! It seems that gettin' themselves included in that fancy stock index along with some 'positive regulatory updates' (whatever those be probably more rules than a pirate's got gold teeth) and newfangled 'product launches,' have given them a mighty shove upwards!

Not All Treasure is Silver and Gold Mate!

They say 'X' marks the spot and for Coinbase 'X' must stand for 'Excellent'! They've been on a tear since April when some fella named Trump made some tariff announcement (sounds like a fancy tax on parrots if you ask me). But Coinbase? They've been laughin' all the way to the bank or should I say the crypto exchange? This be their best month since last November and their first three month rally since the end of 2023 hitting highs not seen since their initial public offering in 2021. Savvy?

The GENIUS Act: A Pirate's Guide to Stablecoins

Now there's talk of a 'GENIUS Act' passin' through the Senate. Sounds like somethin' I'd concoct to bamboozle the East India Trading Company! Apparently this Act sets the rules for dollar pegged stablecoins. Whatever those are! This opens the door for all sorts of banks and... fintechs (more like fin thieves if you ask me!) and even retailers to get in on the crypto action. Aye the world be changin' even faster than I can change me story!

Circle of Crypto the Pirate and the Hidden Treasure!

And here's where it gets interesting. Seems Coinbase has a close relationship with some outfit called Circle who issue a 'stablecoin' called USDC. Apparently Coinbase gets to keep all the revenue from USDC held on their platform plus nearly half of all other USDC revenues which amounts to most of Circle's current loot. Yet Coinbase doesn't incur any of the operating costs borne by Circle so the numbers are very good for Coinbase! It's like findin' a map to Isla de Muerta without havin' to fight Barbossa for it!

Diversify Your Booty: Coinbase's Expanding Empire

Coinbase isn't just stickin' to tradin' crypto mind you. They're expandin' faster than the British Navy! They're gettin' into custody staking wallet services and of course stablecoins. They even got a crypto backed credit card with American Express! Partnered with Shopify and even launched a stablecoin payments service for e commerce. Even JPMorgan's joined the party launchin' their own stablecoin on Coinbase's blockchain. Aye they're buildin' an empire fit for a pirate king!

The Tides May Turn: A Warning from the Crypto Seas

But hold yer horses mateys! There be a storm brewin' on the horizon. Apparently the tradin' volume on Coinbase has been droppin' since April. That could be trouble for them and other crypto traders. But if this 'GENIUS Act' is only the start then they believe the 'Clarity Act' will bring everyone back into crypto. We will see what happens. Savvy?