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 jumped 20% 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.

The Senate passed legislation Tuesday that would establish regulations for stablecoins, marking a significant step in cryptocurrency policy.