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

A Wall Street newcomer, CRCL is pacing for its third gain in the last four sessions, and earlier hit a record high of $184.44. Shares made quite the splash earlier this month, opening at $69 after its initial public offering (IPO) price came in higher than expected at $31.

The U.S. Senate has passed a bill to create a regulatory framework for stablecoins, a once-niche corner of the crypto industry that is gaining traction among global companies.