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.

(Reuters) -Shares of Circle Internet jumped 16% in morning trading on Wednesday after the U.S. Senate approved a milestone stablecoin bill, fueling hopes for broader adoption of what was once a niche corner of the crypto sector.

Circle’s stock rose 33.8%, Coinbase 16%, and Robinhood 4.5%. The bill moves to the House for approval, potentially heading to President Trump soon.