#PowellRemarks Circle's shares extended their gains as investors applauded the Senate's approval of its stablecoin legislation proposal, the GENIUS Act.

Circle is on track to close the week with an increase of nearly 50%. It has skyrocketed over 500% since its public listing on June 5.

The GENIUS Act, approved by the Senate on Tuesday, aims to establish clear regulatory guidelines for the use of stablecoins.