Shares of the first publicly-traded stablecoin company Circle continued to surge on Friday after the Senate passed legislation that would establish a regulatory framework for stablecoins, a type of cryptocurrency designed to maintain a value in line with the U.

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.

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.