Stablecoin Trade Sends SoFi and Coinbase Shares Surging

The stablecoin trade is spilling over into fintech, lifting shares of SoFi Technologies and Coinbase Global. The SoFiUSD link has put SoFi Technologies in the same bid that's lifting exchanges.

SoFi Technologies stock rose 3% to $18.83 on Tuesday, while Coinbase Global shares climbed 5% to $188.11. This move appears to be sector rotation rather than a company-specific catalyst.

The ARK Blockchain & Fintech Innovation ETF was up 2% to $46.44 midday Tuesday, outpacing the Invesco QQQ Trust by a wide margin.