Congress passed the GENIUS Act this week, boosting the market for stablecoins. Here's what investors need to know about the corner of the crypto market.

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.

The 68-30 vote on the GENIUS Act was the first time that the Senate has passed major legislation to regulate digital assets.

U.S. Senate Republicans have unveiled their version of President Donald Trump's sweeping tax-cut and spending bill that is broadly similar to the legislation that narrowly passed the House of Representatives last month.

The House-passed version of Republicans’ tax and spending bill would add $2.8 trillion to US deficits over the next decade, according to new estimates from the Congressional Budget Office that incorporate the broader impact the legislation would have on the economy and federal budget.

The sweeping Republican tax-and-spending bill that would deliver on much of President Donald Trump's agenda would increase deficits by about $2.8 trillion over 10 years, once its economic effects are taken into account,