We recently published a list of 10 Stocks Take A Shocking Nosedive. Chime Financial, Inc. (NASDAQ:CHYM) is one of the worst-performing stocks on Thursday.

Chime Financial dropped its share prices by 8.13 percent on Wednesday to end at $31.65 apiece as investors soured on the Senate’s passage of Stablecoins bill that emerged as a potential competitor to traditional financial technology companies.

Stablecoins are a type of currency designed to maintain a 1:1 ratio with the US dollar and is widely used by cryptocurrency traders to move funds between tokens.

Under the administration of President Donald Trump, Stablecoins gained momentum as an alternative payments method, emerging as a potential competitor to traditional payments companies, including Chime Financial, Inc. (NASDAQ:CHYM).

Chime Financial (CHYM) Falls 8% as Stablecoins Threaten Traditional Payments

A customer making a online banking transaction on their mobile device at a local branch.

After closing at $37.11 on its first day as a listed company, Chime Financial, Inc. (NASDAQ:CHYM) has seen its share prices decline by 14.7 percent.

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