Circle up as US Senate passes stablecoin bill in milestone for crypto industry

Shares of stablecoin issuer Circle Internet CRCL.N rise 3.4% to $154.19 before the bell

The U.S. Senate after markets closed on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens

USDC, the second-largest stablecoin by market value, is issued by Circle

The company went public earlier this month in a blockbuster U.S. IPO

Its stock closed the previous session at $149.15, vs IPO price of $31 apiece