Less than two weeks after its IPO, Circle Internet’s market capitalization has surpassed that of nearly half of the S&P 500’s companies.

Circle Internet Group shares surged Wednesday, a day after the Senate passed a bill that would set up federal boundaries for the use of stablecoins.

Coinbase Global (COIN), the top US crypto exchange, exploded 16.3% higher on Wednesday, while Circle Internet Group, owner of the USDC stablecoin, rallied 33.8%. Additionally, the new rules for stablecoins in the US are frightening investors in credit card issuers with the possibility that retailers will circumvent swipe fees.