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.

Mastercard fell by 5.39 percent on Wednesday to end at $538.73 apiece as investors sold off positions on expectations that the Senate’s passage of the stablecoins bill would pose a threat to its

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,