Circle (NYSE: CRCL) soared 34% on Wednesday, adding another 6% after-hours, as the U.S. Senate passed a landmark bill laying the groundwork for regulated, dollar-backed stablecoins.

The move pushed Circle’s stock to $199.59 on Wednesday’s closing, with a high of $211.87 in after-hours trading. The stock is now up over 540% since its June 5 debut, marking one of the fastest climbs for a crypto stock after opening to the public.

The GENIUS Act outlined how U.S. firms can issue and manage fiat-backed stablecoins for payments. It still needs House approval and President Donald Trump’s signature, but the Senate vote signals strong bipartisan support for bringing crypto payments into the U.S. regulatory perimeter.

“History is being made,” Circle CEO Jeremy Allaire said on X, calling the bill a breakthrough for American competitiveness.

Trump, in a Truth Social post, said the bill would make the U.S. the “undisputed leader in digital assets.”

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS,” Trump’s Truth Social post reads. “Digital Assets are the future, and our Nation is going to own it.”

Circle, the issuer of USDC, currently the world’s second-largest stablecoin by circulating value, has long pushed for clear rules around crypto dollars. Wednesday’s rally reflects investor confidence that Circle will be the chief beneficiary if the U.S. formally embraces stablecoins as digital cash equivalents.

Volume surged to over 60 million shares, nearly 2 times the average. CRCL traded between $148 and $200.89 on the day. Its market cap now sits above $48 billion, dwarfing several legacy payments firms.

Bernstein analysts, who initiated coverage on CRCL earlier this week, said the bill would “re-shore stablecoin innovation” and draw activity back from offshore issuers to regulated U.S. players.

“The bill clearly defines stablecoins as payment stablecoins,” said analyst Gautam Chhugani, “making their legal treatment closer to digital cash—and opening the door to mainstream adoption beyond crypto rails.”

Read more: Compliant Stablecoins Will Become the ‘Money Layer of the Internet:’ Canaccord