The total market capitalization of stablecoins surged to a record high on Wednesday, data showed, as the U.S. Senate passed a bill to regulate the sector, a major step towards legitimising a once-niche but now fast-growing corner of the crypto market.

Less than two weeks after its IPO, Circle Internet’s market capitalization has surpassed that of nearly half of the S&P 500’s companies.

The Senate passed legislation Tuesday, 68-30, that would establish regulations for stablecoins, concluding weeks of work on the bill and marking a significant step in cryptocurrency policy. Democrats were divided on the bill,