Circle shares extended gains as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act. Circle is on pace to end the week higher by more than 81%. It has rocketed 673% since its initial public offering on June 5.

Circle Internet Group shares are up 7% in intraday trading Friday, extending gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins.

Less than two weeks after its IPO, Circle Internet’s market capitalization has surpassed that of nearly half of the S&P 500’s companies.