A landmark stablecoin bill passed by the Senate is causing Circle's stock to surge. Investors are now betting on Circle to lead the newly regulated stablecoin 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,

Circle Internet Group shares surged Wednesday, a day after the Senate passed a bill that would set up federal boundaries for the use of stablecoins.