A landmark stablecoin bill passed by the Senate is causing Circle's stock to surge. Investors are now betting on Circle to lead the newly regulated stablecoin market.

Coinbase Global (COIN), the top US crypto exchange, exploded 16.3% higher on Wednesday, while Circle Internet Group, owner of the USDC stablecoin, rallied 33.8%. Additionally, the new rules for stablecoins in the US are frightening investors in credit card issuers with the possibility that retailers will circumvent swipe fees.