Legislation regulating stablecoins, a type of cryptocurrency whose value is pegged to another asset, is set for a vote in the Senate.

Stablecoin legislation overcame a procedural blockade in the US Senate, marking a major victory for the crypto industry after a group of Democrats dropped their opposition Monday.

Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote