Visa, Mastercard stocks slide, Coinbase jumps after stablecoin bill passes Senate

Visa (NYSE:V) stock dropped 2.5% and Mastercard (NYSE:MA) dipped 2.1% in Wednesday midday trading after the U.S. Senate passed its stablecoin legislation. The use of stablecoin-based systems could allow merchants to bypass traditional card payment rails.

Meanwhile, cypto exchange Coinbase Global (NASDAQ:COIN) stock surged 7.0%. Bakkt Holdings (NYSE:BKKT), which also offers a crypto trading platform, gained 2.3%.

In the past week, Visa (NYSE:V) stock has slumped 5.9% and Mastercard (NYSE:MA) stock has declined 5.3% since June 13, when the Wall Street Journal reported that retailing titans Amazon (AMZN) and Walmart (WMT) are considering issuing stablecoins to transform their payment systems and reduce their reliance on banks and card payment systems.

Late Tuesday, the U.S.Senate passed a stablecoin bill that is seen as bolstering the legitimacy of the crypto industry. The House still needs to pass its own version, known as the GENIUS Act, before it goes to President Donald Trump’s desk for his signature.

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