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.

Shares of the first publicly-traded stablecoin company Circle continued to surge on Friday after the Senate passed legislation that would establish a regulatory framework for stablecoins, a type of cryptocurrency designed to maintain a value in line with the U.

Wednesday’s rally reflects investor confidence that Circle will be the chief beneficiary if the U.S. formally embraces stablecoins as digital cash equivalents.