Coinbase (COIN) soared 43% in June, emerging as the top performer in the S&P 500 index, reaching a record high of $382. This surge is attributed to the progress of the GENIUS Act, a stablecoin regulatory bill expected to boost Coinbase's stablecoin-related revenue. Coinbase's partnership with USDC issuer Circle allows it to benefit significantly from USDC deposit income, which constitutes a major portion of Circle's revenue. Despite a decline in overall trading volume since April, market focus has shifted towards stablecoin income and institutional narratives. As regulatory policies stabilize, Coinbase's valuation is increasingly seen as aligned with compliant stablecoin financial infrastructure rather than traditional exchange operations. However, some institutions caution that speculative factors may influence the current rise, advising attention to potential valuation discrepancies between COIN and Bitcoin.