New York CNN —

Stablecoins are on the verge of going mainstream, analysts say, as a landmark regulatory bill makes its way through Congress.

The Senate is deliberating the GENIUS Act , which would provide a framework for regulating stablecoins. The bill last week passed a major procedural hurdle in the Senate after initial resistance from some Democrats.

Stablecoins are a type of crypto asset that is tied to the value of another currency, such as the US dollar or gold. They were initially created as a way for crypto investors to store their money but have grown in popularity in recent years for their use in digital payments.

The landmark bill would provide a boost of legitimacy to the crypto industry and is another example of how cryptocurrencies have had a major revival under

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