Latest news with #Republican-controlled
Yahoo
an hour ago
- Business
- Yahoo
Lawmaker queries retailers in probe of link between tariffs and grocery prices
This story was originally published on Grocery Dive. To receive daily news and insights, subscribe to our free daily Grocery Dive newsletter. Sen. Maggie Hassan has asked Albertsons, Kroger, Walmart, Costco and Dollar General for information about how increased tariffs the Trump administration has imposed on imported steel and aluminum could affect stores, suppliers and costs in the grocery supply chain. In June 18 letters to the chief executives of the retailers, the New Hampshire senator requested details including how they expect tariffs on the metals — which doubled to 50% on June 4 — to impact the cost of private label products, particularly canned foods and frozen meals. Hassan, the ranking member of Congress' Joint Economic Committee, indicated that Democrats on the Republican-controlled panel are especially interested in how increases in metal prices could impact canned good costs. She asked the retailers for details about their costs, revenue and profit margins for their best-selling canned food and aluminum foil products over the past five quarters. In addition, Hassan requested information about how customers who receive Supplemental Nutrition Assistance Program (SNAP) benefits shop for canned goods, including a breakdown of their purchases in terms of brand name and private label products. Hassan also said she wants an estimate of the number of jobs the retailers support in industries such as construction, food packaging and food processing. 'High grocery prices are a top economic concern for Americans, and experts state that tariffs could significantly increase the cost of canned foods,' Hassan wrote. 'Experts have also noted potential impacts from tariffs on the costs of shelving, equipment, transportation, and other inputs that grocery stores and their suppliers need to operate, which, in turn, could also lead to higher food prices for customers.' In the letters, Hassan cited data from the Consumer Brands Association indicating that the 50% levy on imported steel could push prices for canned foods up by between 9% and 15%. She also pointed to statistics showing that the U.S. imports almost 70% of the steel used for canned fruits and vegetables. Hassan gave the retailers until July 9 to supply the information she requested. Grocery prices rose at an annual rate of 2.2% in May, the Bureau of Labor Statistics reported June 11. By comparison, food-at-home inflation came in at 2% in April and 2.4% in March. Recommended Reading Trump tariffs could hike canned food prices up to 15%, trade group says Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Business
- Yahoo
Circle stock continues to surge after stablecoin bill, buy rating
-- Circle Internet Group (NYSE: CRCL) stock surged 11% in pre-market trading Friday, extending its 34% gain from the previous day after the U.S. Senate approved a milestone stablecoin bill that could bring regulatory clarity to the cryptocurrency sector. The bipartisan approval represents a potential turning point for cryptocurrency regulation, particularly benefiting Circle as the issuer of USDC, the second-largest stablecoin. Before becoming law, the bill, known as the GENIUS Act, must still pass the Republican-controlled House of Representatives and receive President Donald Trump's signature. Adding to the momentum, Seaport Global Securities analyst Jeff Cantwell initiated coverage on Circle with a Buy rating and a $235 price target, among the first analyst ratings following the company's IPO due to quiet period restrictions. "We view Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Cantwell noted in his analysis. The analyst expects stablecoin adoption to grow rapidly amid an improving regulatory climate, projecting the stablecoin market cap could potentially reach $2 trillion over the longer term, up from roughly $260 billion today. Circle shares traded at $221, significantly higher than its IPO price of $31, reflecting strong investor confidence in the company's growth prospects as regulatory frameworks for digital assets continue to evolve. Related articles Circle stock continues to surge after stablecoin bill, buy rating Wedbush's Ives raises stock price target on this 'AI winner' Is the AI talent war heating up? Sign in to access your portfolio
International Business Times
a day ago
- Business
- International Business Times
U.S. Senate Passes Stablecoin Regulation Bill; Major Banks and Companies Explore Launches
The U.S. Senate has passed a bill establishing a regulatory framework for stablecoins, transforming what was once a niche area of crypto into a fast-growing sector gaining interest from global corporations. Stablecoins are cryptocurrencies designed to hold a stable value—usually pegged 1:1 with the U.S. dollar—and are often used by crypto traders to move funds across tokens. Before becoming law, the Republican-controlled House of Representatives must approve its version of the bill, known as the GENIUS Act, after which it will be sent to President Donald Trump for his signature. Analysts say the bill could be a critical turning point for broader adoption of stablecoins across industries by offering clear legal and regulatory guidance. If enacted, the law would require stablecoins to be backed by liquid assets like U.S. dollars and short-term Treasury bills and mandate monthly public disclosure of reserve compositions by issuers. Here's a summary of leading global firms already active or planning to enter the stablecoin market: MAJOR U.S. BANKS: Top American banks are in early discussions on expanding into crypto, with more support emerging from regulators. However, initial moves will be cautious—limited to pilot projects, partnerships, or selective trading, according to a May Reuters report. Bank of America may launch stablecoins, its CEO Brian Moynihan said this year, while Morgan Stanley CEO Ted Pick expressed interest in acting as a crypto intermediary. BofA declined to comment, and Morgan Stanley didn't respond to Reuters' inquiries. SOCIETE GENERALE: The French bank revealed in June plans to issue a publicly tradable, dollar-backed stablecoin through its digital asset unit. WALMART AND AMAZON: According to the Wall Street Journal, both U.S. retail giants have looked into issuing their own stablecoins. Walmart told Reuters it isn't piloting any such project and hasn't taken a stance on the GENIUS Act. Amazon has not commented. BANCO SANTANDER SA: The Spanish banking giant is reportedly considering expanding into digital assets, including early-stage plans for a stablecoin, Bloomberg reported in May. Santander did not respond to Reuters for comment. WORLD LIBERTY FINANCIAL: Linked to former President Trump, this crypto initiative launched a dollar-pegged token called USD1 this year, which now has a market cap of about $2.2 billion per CoinGecko data. PAYPAL: In August 2023, PayPal became the first major fintech firm to release a U.S. dollar-backed stablecoin, integrating crypto into everyday transactions. CIRCLE INTERNET: The newly public firm introduced its USDC stablecoin in 2018. With a market capitalization of approximately $61.5 billion, it's among the top stablecoins globally, per CoinGecko. PAXOS: This crypto-native company issues USDG and USDP, both pegged to the dollar. It also partners with Binance to issue BUSD, widely used in crypto trading. TETHER: The company behind the largest stablecoin globally, Tether issues USDT, which has a market cap exceeding $155 billion, according to CoinMarketCap. It remains pegged to the dollar. MAKERDAO: MakerDAO's DAI stablecoin is the fourth-largest in the world with a value around $5.4 billion, as per CoinMarketCap data.
Straits Times
2 days ago
- Business
- Straits Times
Coinbase launches stablecoin payments service for online transactions
New York – Coinbase Global is launching a platform designed to make stablecoins a go-to payment method for online transactions, a potentially big leap forward in the mainstream adoption of cryptocurrencies meant to track the US dollar. The announcement follows the passage of landmark stablecoin legislation in the US Senate on June 17, a move towards turning the digital tokens into a mainstream form of payment. The Republican-controlled House of Representatives must pass its version of the Bill before it heads to President Donald Trump for approval. Pegged to currencies like the US dollar, stablecoins aim to hold a stable value backed by reserves. Their use threatens to circumvent card networks Visa and Mastercard and other online payment services. Large retailers had signed on to the Bill with the idea that they can provide a cheaper, faster way to process transactions than traditional banking products like credit cards and cheques. 'We built the new system to mimic credit-card rails so it slots into existing flows with zero disruption,' a Coinbase spokesperson said in a statement. Coinbase Payments is targeting online platforms like Shopify and eBay, a prized client segment among payment processors since the websites provide distribution to thousands of small-to-medium sized businesses who are often looking for ways to avoid the fees associated with accepting card payments. Today, Coinbase makes most of its money through transaction fees on the exchange's cryptocurrency trades. The payments initiative could help add new sources of revenue, according to Mark Palmer, analyst at Benchmark. 'This sort of initiative where the company is creating a new revenue stream, diversifying beyond transaction volume as the primary means of driving revenue, is very important from a long-term standpoint,' Mr Palmer said. Coinbase's inaugural client is Shopify, which is partnering with Coinbase and Stripe to allow merchants on their platform to accept Circle's USDC over the exchange's Base network, a so-called Layer 2 blockchain built on Ethereum. Coinbase's new payments service is promising e-commerce platforms faster settlement, lower fees and immediate access to a global customer base. Earlier this week, JPMorgan Chase & Co. announced it will launch a pilot for tokenized US dollar deposits called JPMD on the Base chain. The Coinbase payments products include a checkout suite to help consumers easily pay from a crypto wallet provided by Coinbase Wallet, MetaMask or Phantom, among others. Stripe recently announced plans to acquire Privy, which helps merchants embed crypto wallets into their websites. That allows them to accept stablecoin payments without requiring customers to exit to a third-party site to set up a wallet, which adds friction to the buying experience and lowers the chance of a customer completing their purchase. Another feature of Coinbase's platform is a connectivity layer for merchants and payment service providers which helps authorise transactions, handle refunds and manage subscriptions. The third piece is a payments protocol which helps merchants execute transactions on the blockchain. The product suite is designed to help merchants and online platforms integrate stablecoin payments without requiring expertise in blockchain or cryptocurrencies. Separately, Coinbase said it has inked a deal to allow USDC to be used as collateral in US futures trading. Coinbase Derivatives is partnering with clearing house Nodal Clear to work with regulators on what it expects to be the first regulated use of USDC as collateral, according to an announcement on Coinbase's website. Shares of Coinbase and stablecoin issuer Circle surged on June 18 after the US Senate passed the stablecoin Bill. The tokens have gained traction for offering crypto's convenience without its volatility. Pegged to currencies like the US dollar, they aim to hold a stable value backed by reserves. Industry backers hope the legislation will turn stablecoins into a mainstream form of payment. Retailers had signed on to the bill with the idea that they can provide a cheaper, faster way to process transactions than traditional banking products like credit cards and checks. The Republican-controlled House of Representatives must pass its version of the Bill before it heads to President Donald Trump for approval. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
2 days ago
- Business
- Time of India
Circle, Coinbase shares soar as Senate clears path for stablecoin regulation
Circle shares closed up 33.8%. Coinbase ended 16% higher, while commission-free brokerage Robinhood, which offers crypto trading, gained 4.5%. The Republican-controlled House of Representatives must pass its version of the bill, known as the GENIUS Act, before it heads to President Donald Trump for approval. Tired of too many ads? Remove Ads Crypto TrackerPowered By TOP COINS TOP COIN SETS XRP 187.4 ( 0.04 %) Buy Bitcoin 90,87,994 ( -0.13 %) Buy Ethereum 2,18,259 ( -0.34 %) Buy BNB 55,883 ( -0.8 %) Buy Solana 12,658.07 ( -1.46 %) Buy Tired of too many ads? Remove Ads Shares of stablecoin issuer Circle and crypto exchange Coinbase surged on Wednesday after the U.S. Senate passed a landmark stablecoin bill, boosting hopes of wider adoption for a once-niche part of the crypto bill was passed with bipartisan support, marking a turning point in the debate over crypto oversight, and a breakthrough for a sector long stuck in regulatory tokens have gained traction for offering crypto's convenience without its volatility. Pegged to currencies like the U.S. dollar, they aim to hold a stable value backed by shares closed up 33.8%. Coinbase ended 16% higher, while commission-free brokerage Robinhood, which offers crypto trading, gained 4.5%.The Republican-controlled House of Representatives must pass its version of the bill, known as the GENIUS Act , before it heads to President Donald Trump for approval."Once passed into a law (likely by the end of summer), we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet," analysts at brokerage Bernstein the issuer of the second-largest stablecoin by market value, went public earlier this month in a blowout debut on the New York Stock shares closed at $199.59 versus IPO price of $31. The stock was last up another 4.4% after the company's flagship USDC stablecoin has a market value of around $61.4 billion, according to data from co-founded USDC in partnership with Coinbase. The token underpins much of the crypto exchange's stablecoin revenue, which jumped nearly 51% in the first quarter as USDC's market value hit a record stablecoin legislation is one of two major crypto bills that industry supporters hope to have signed into law this year, analysts at Barclays say by setting clearer rules for issuing and managing dollar-pegged tokens, the bill could bring greater legitimacy to the sector. Several high-profile corporates are also reportedly exploring launching their own stablecoins."History is being made," Circle CEO Jeremy Allaire said in a post on social media platform X, adding that he expects the legislation will "drive U.S. economic and national competitiveness for decades to come."If signed into law, the GENIUS Act could unlock fresh growth in the $256 billion stablecoin market and boost revenue for digital asset infrastructure firms such as Circle and Coinbase."While stablecoin demand is already impressive, the new bill advancing through Congress can accelerate that demand," said Andrew Rocco, stock strategist at Zacks Investment Research."The bill would finally put a regulatory framework around issuing and operating stablecoins, lending credibility to the industry."If signed into law, stablecoins will have to be backed by liquid assets such as the dollar and short-term Treasury bills. Issuers will also have to publicly disclose the composition of their reserves on a monthly basis."Stablecoin adoption could also serve as a strong tailwind for major cryptocurrencies like bitcoin," analysts at brokerage KBW said.
