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 Inc.’s shares rose as much as 17% on Friday after Seaport Global gave the stablecoin issuer its first buy rating in the wake of the US Senate’s move this week to pass legislation setting up regulatory rules for cryptocurrencies pegged to the dollar.

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.