A revolution in the cryptocurrency world may soon go mainstream, as lawmakers move to formally regulate stablecoins, a digital currency designed to maintain a fixed value."The internet is now colliding with the financial industry and the financial system," said Circle CEO and co-founder Jeremy Allaire on "Mornings with Maria" Wednesday. "Theres an opportunity to build very significant scaled platforms and utilities in the same way that we've seen those built in other industries on the internet."Circle is a New York-based company specializing in stablecoins. Going public in early June, Circles share prices saw an eye-popping surge on opening day, signaling a strong appetite for digital currency backed by real world assets.Stablecoin values are pegged to currencies like the U.S. dollar, unlike its more price-volatile competitor Bitcoin. This makes them more predictable for everyday use, and more attractive for many consumers and lawmakers. In Allaires terms, stablecoin is "over-the-top internet money."AMERICA'S POWER GRID FACES UNPRECEDENTED CHALLENGE AS AI AND CRYPTO DRIVE DEMAND SKYWARDEarlier this week, the Senate passed the GENIUS Act, the first federal legislation focused on stablecoin regulation. It received bipartisan support and backing from President Donald Trump, who has embraced cryptocurrencies during his second term. The legislation could lay the groundwork for integrating stablecoins into the broader financial system.STABLECOIN BILL, ORIGINALLY BIPARTISAN, HITS SNAG AS DEMS SPLINTER"Its an excellent piece of legislation," said Allaire of the bill. "Its wonderful to see our political leaders, our economic leaders kind of embracing this and working towards it. I think [the] GENIUS Act is, I believe, going to get picked up and get brought to the president's desk in the near future."Supporters say stablecoins could help cement the U.S. dollars dominance on the global stage by turning it into a frictionless, exportable digital currency.VANCE DECLARES 'CRYPTO FINALLY HAS A CHAMPION' IN TRUMP WHITE HOUSETRUMP SLAMS 'STUPID' FED CHAIR POWELL AHEAD OF INTEREST RATE DECISION"This is great for the dollar," said Allaire. "It turns digital dollars into an export product of the United States, and it proliferates the digital dollars across the internet. And so, if we're in a digital currency space race with China, or with other countries, or BRICS, or what have you, this is a huge way to win."Treasury Secretary Scott Bessent echoed that optimism in a post on X, writing in part: "Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade."TIM SCOTT TOUTS GENIUS ACT PASSAGE AS A HISTORIC WIN FOR FINANCIAL MARKETSAt its core, Allaire argues, stablecoins offer a safer, smarter approach to digital finance."It is a very powerful force," he said. "You're not holding a bank's credit risk. You're holding the U.S. government's short-term Treasuries. And so, it's a powerful model that I think just intuitively people understand. It's a safer, higher-utility form of money."