Circle stock rallied nearly 20% on the Senate's passage of a stablecoin regulation bill, a move that is considered to be a major win for the crypto industry.

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,

Circle, the company behind the $61 billion stablecoin USDC, made a roaring debut on the New York Stock Exchange Thursday, becoming the first stablecoin issuer to go public and making CEO and cofounder Jeremy Allaire a billionaire.