Circle Internet Group Inc.’s stock on Wednesday added to its two-week surge, after the U.S. Senate passed a bill called the Genius Act to set up a regulatory framework for stablecoins.

The total market capitalization of stablecoins surged to a record high on Wednesday, data showed, as the U.S. Senate passed a bill to regulate the sector, a major step towards legitimising a once-niche but now fast-growing corner of the crypto market.

The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.