Industry backers hope the legislation will turn stablecoins into a mainstream form of payment.

This is the first legislative victory for the digital asset industry, which put around $250 million in the 2024 election cycle.

The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.

If passed, it will establish for the first time a regulatory regime for stablecoins, a fast-rising financial product.

Industry backers hope the legislation will turn stablecoins into a mainstream form of payment.