Circle’s stock rocketed 34% on Wednesday, closing at $199.59 after the U.S. Senate passed a groundbreaking stablecoin bill. In after-hours trading, the rally continued with shares adding another 6.1% to reach $211.

The cryptocurrency designed to maintain a constant value is up 22 percent so far this year.

The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more wid