Angelica Ballesteros
2 min read
In This Article:
We recently published These 10 Companies are in Beast Mode. Chime Financial, Inc. (NASDAQ:CHYM) is one of the Wednesday’s top performers.
Chime Financial, Inc. (NASDAQ:CHYM) rebounded by 8.93 percent on Wednesday to end at $31.59 apiece, in line with the rally in the financial services sector amid the broader industry’s growing optimism and adoption of digital currencies.
This followed the passage of the Stablecoins bill in the Senate last week. Also called the GENIUS Act, it aims to regulate the framework for digital currencies and bolster their adoption and wider use.
Stablecoins are a type of digital currency designed to maintain a 1:1 ratio with the US dollar and are widely used by cryptocurrency traders to move funds between tokens.
Last week, financial technology companies, including Chime Financial, Inc. (NASDAQ:CHYM), earned a beating from the bill’s passage as investors feared that the wider adoption of Stablecoins would pose a threat to traditional payment providers’ profit margins and heighten competition in the industry.
A digital tablet presenting various payment options alongside an educational lecture on the benefits of diverse capabilities.
Various financial services companies have recently announced making a foray into the digital currency industry to keep up with the reshaping payments landscape.
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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
