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,

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

Coinbase and Circle stock prices surged on Wednesday trading following the US Senate’s approval of the GENIUS Act.