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.

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.