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.

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. Circle Internet the stablecoin issuer that went public on June 5,