The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump,

The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump’s desk and marking a major win for the industry.

The stablecoin bill sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the US dollar, to reduce price volatility.

The Senate passed legislation Tuesday that would establish regulations for stablecoins, marking a significant step in cryptocurrency policy.

Circle Internet Group shares are up 7% in intraday trading Friday, extending gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins.

The bipartisan legislation, which passed the Senate in June and is likely to be voted on by the House this week, is the first-ever piece of stablecoin regulation. It would allow private entities to issue their own stablecoins, as long as they are fully backed by U.S. Treasuries. That will open the Treasury up to a whole new set of investors.

Stablecoin fever is still running hot. Zerohash, a crypto and stablecoin infrastructure startup, is set to raise about $100 million at nearly a $1 billion valuation, according to two sources familiar with the deal.

Jonathan Gould, a former chief legal officer at blockchain firm Bitfury, will lead the U.S. Office of the Comptroller of the Currency.