Shares of Circle Internet Group (CRCL), the issuer of the USDC stablecoin, skyrocketed by 6% on Wednesday, following the Senate's historic approval of the GENIUS Act. This legislation establishes a federal framework for stablecoins, linking their value directly to the U.S. dollar.

The GENIUS Act represents a monumental step forward, paving the way for banks, fintech firms, and retailers to adopt stablecoins more widely. It's the first substantial legislation from Congress addressing the booming digital currency sector.

Senator Kirsten Gillibrand from New York, a key co-sponsor of the act, championed the bill, stating it would empower American businesses and consumers to harness cutting-edge financial innovations. "This act will protect consumers, encourage responsible technological advancements, and ensure that the U.S. dollar maintains its global dominance," she said.

Next up, the bill heads to the House, where lawmakers are working on their own version of stablecoin legislation, known as the STABLE Act, which presents different provisions compared to the GENIUS Act. As the debate continues, the future of stablecoins and their role in the financial landscape remains bright and contentious.