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.

Shares of Circle Internet Group Inc (NYSE: CRCL), the issuer of the USDC stablecoin, continued their meteoric rise on Monday, hitting new highs in another volatile session. The rally extends a powerful run since the company's blockbuster IPO on June 5.