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.

Less than two weeks after its IPO, Circle Internet’s market capitalization has surpassed that of nearly half of the S&P 500’s companies.

The US Senate has passed the Genius Act with strong bipartisan support marking a historic shift toward federal regulation of stablecoins and signalling a new era for the cryptocurrency industry