Coinbase Global Stock Plunges 0.97% to 2025 Low as GENIUS Act, e-CNY Competition Intensify

The share price fell to its lowest level since November 2025 today, with an intraday decline of 0.97%.

Coinbase Global’s declining stock reflects broader regulatory pressures and global competition in digital finance. The U.S. GENIUS Act, which bans interest on dollar-pegged stablecoins, has drawn criticism for ceding ground to China’s digital yuan strategy. Beijing’s move to allow e-CNY interest payments repositions it as a yield-bearing asset, challenging U.S. stablecoins’ dominance in cross-border transactions. Coinbase’s Chief Policy Officer warns this regulatory gap risks eroding the dollar’s primacy and U.S. innovation leadership in tokenization.

Senate debates over the GENIUS Act highlight tensions between crypto advocates and traditional banking interests. While critics argue the interest ban stifles innovation, banks support it to protect financial stability. For Coinbase, regulatory uncertainty and the e-CNY’s global adoption pose key risks, threatening its business model reliant on U.S. dollar-backed stablecoins. However, a policy shift toward flexible frameworks could reinforce the dollar’s role and bolster Coinbase’s position in the evolving digital finance landscape.