Shares of Coinbase Global (COIN) surged 11% to lead S&P 500 gainers Wednesday afternoon, a day after the Senate passed the GENIUS Act to set up federal boundaries for the use of stablecoins. The legislation would open the door for use of stablecoins—cryptocurrencies whose value is tied to another currency or financial asset such as the U.

Shares of stablecoin issuer Circle and crypto exchange Coinbase surged on Wednesday after the U.S. Senate passed a landmark stablecoin bill, boosting hopes of wider adoption for a once-niche part of the crypto sector.