The Senate is preparing for a final vote Tuesday on a bill that would establish the first federal framework for dollar-backed cryptocurrencies known as stablecoins, a major victory for an industry that has pushed for more favorable oversight in Washington, D.C.

Though passage of the GENIUS Act in the upper chamber won’t yet make the new legislation law — it still needs approval from the House and President Trump — the crypto world is already lauding the bill’s swift progress as a major step.

“I feel really good about [this bill],” said Dante Disparte, chief strategy officer and head of global policy and operations at Circle (CRCL), the largest US stablecoin issuer.

Circle’s stock has soared roughly 400% since its debut day of trading on June 5, a sign of growing investor enthusiasm for stablecoins as the legislation advances in Congress.

Coinbase (COIN) Chief Legal Officer Paul Grewal said on X that "a year ago I would’ve thought this at best was a fever dream. Think for a moment on how far we’ve come."

The GENIUS Act, which stands for “Guiding and Establishing National Innovation for US Stablecoins,” sets a framework for how US companies can issue and manage dollar-backed stablecoins for payments.

It bans members of Congress and their families from earning profits from stablecoins but not President Trump and his family, an omission that has irked some Democrats and slowed progress on the legislation this spring.

Read more: Trump has called for a strategic bitcoin reserve. How it would work.

Trump is deepening his own financial involvement in stablecoins as the legislation advances. World Liberty Financial, a new crypto startup backed by President Trump and his sons, has launched its own US-dollar-pegged stablecoin (USD1) in partnership with BitGo.

If the legislation clears the House, it is expected to unleash a wave of new stablecoin entrants as traditional companies ranging from reportedly giant lenders to mega retailers are already considering whether to issue their own coins.

“We're working with the industry, working individually,” Bank of America (BAC) CEO Brian Moynihan said of BofA’s stablecoin prospects last week at a Morgan Stanley conference.

Earlier this month, Bank of America and other big banks convened to explore prospects for launching a collaborative stablecoin network. The Wall Street Journal also reported last week that Amazon (AMZN) and Walmart (WMT) are exploring stablecoin opportunities.

The new wave of competition could upend the traditional payment system, especially if merchants look to get around conventional card-based networks such as Visa (V) and Mastercard (MA).