Shares of Circle continued to climb on Friday as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act.

The stock was up 14% in premarket trading as excitement continued to build. The bill passed the Senate on Tuesday, and shares rose 33% on Wednesday. The market was closed Thursday for the Juneteenth holiday.

Circle is on pace to end the week higher by almost 50%. It has rocketed more than 500% since its initial public offering on June 5.

Stablecoins are cryptocurrencies whose values are pegged to that of another asset, usually the U.S. dollar. Traditionally used as bridge currencies for crypto traders, stablecoins today are benefiting from increased interest by banks and payment firms as the Trump administration rolls back Biden-era crypto policies.

Stablecoins have attracted a groundswell of investor interest in anticipation of regulatory clarity from Congress, as they have the potential to make payments faster and cheaper. Amazon and Walmart are reportedly exploring the possibility of using or issuing their own stablecoins. Uber, Apple and Airbnb are among other big companies reported to be exploring stablecoins in recent weeks.

The GENIUS (short for Guiding and Establishing National Innovation for U.S. Stablecoins) Act seeks to establish clear regulatory guidelines for the use of stablecoins regarding issuance, reserves and compliance. The bill now heads to the house, which has its own stablecoin legislation in the works, called the STABLE Act.