The U.S. Senate has passed a bill to create a regulatory framework for stablecoins, a once-niche corner of the crypto industry that is gaining traction among global companies. Stablecoins, a type of cryptocurrency designed to maintain a constant value – typically pegged 1:1 to the U.

In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.

The Senate passed legislation Tuesday that would establish regulations for stablecoins, marking a significant step in cryptocurrency policy.