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.

Senate Republicans teamed up with a bloc of Democrats to pass a landmark cryptocurrency bill that would establish the first regulatory framework for issuers of stablecoins.

The GENIUS Act is the first major crypto-related bill to clear the Senate. However, the House does have its own Digital Asset Market Clarity Act, which is a more sweeping crypto bill that would provide a framework for the wider crypto market, not just stablecoins.