Circle shares extended gains as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act. Circle is on pace to end the week higher by almost 50%. It has rocketed more than 500% since its initial public offering on June 5.

Congress passed the GENIUS Act this week, boosting the market for stablecoins. Here's what investors need to know about the corner of the crypto market.

Circle Internet Group shares are up 8% in premarket trading Friday, extending gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins.