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.

Visa (NYSE:V) stock dropped 2.5% and Mastercard (NYSE:MA) dipped 2.1% in Wednesday midday trading after the U.S. Senate passed its stablecoin legislation. The use of stablecoin-based systems could allow merchants to bypass traditional card payment rails.

Circle Internet CRCL, the stablecoin issuer that went public on June 5, saw its stock surge another 8.4% to $161.50 a share, more than five times the initial-public-offering price of $31. Back To Top