The U.S. GENIUS Act, advancing in the Senate, could drive broader adoption of stablecoins by offering regulatory clarity. Major firms such as Bank of America, Morgan Stanley, and international banks are exploring launching their own stablecoins.

The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

Shares of Coinbase Global surged to lead S&P 500 gainers Wednesday, a day after the Senate passed the GENIUS Act to set up federal boundaries for the use of stablecoins.