Circle Internet Group Inc.’s stock on Wednesday added to its two-week surge, after the U.S. Senate passed a bill called the Genius Act to set up a regulatory framework for stablecoins. Circle Internet the stablecoin issuer that went public on June 5,

Circle Internet Group shares are up 8% in premarket 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 cryptofirms Coinbase (COIN) and Circle (CRCL) surged on Wednesday after the US Senate passed the key stablecoin bill, the GENIUS Act, which will bring more legitimacy to stablecoins. Coinbase and Circle’s gains Circle’s shares surged over 22% while Coinbase’s shares gained 14% after the bill was passed late Tuesday.