Circle Internet Group Inc.’s shares jumped 20% on Friday after Seaport Global gave the stablecoin issuer its first buy rating in the wake of the US Senate’s move this week to pass legislation setting up regulatory rules for cryptocurrencies pegged to the dollar.

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.

Things keep getting spicier for Circle (CRCL) stock. Following the Senate’s landmark stablecoin vote a couple of days ago, the crypto sphere is still buzzing with momentum. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter💰💵 After years of regulatory uncertainty,