Shares of Circle Internet Group ( CRCL 21.10%) have soared this week, finishing up 83.2% from last week's close. The massive run came as the S&P 500 ( ^GSPC -0.22%) and Nasdaq Composite ( ^IXIC -0.51%) were relatively flat.

Circle Internet Group shares surged Wednesday, a day after the Senate passed a bill that would set up federal boundaries for the use of stablecoins.

Circle’s stock CRCL shot up 20% on Tuesday, smashing its earlier record and landing at $183, after the Senate passed the GENIUS Act, the first major crypto-related law to clear Congress. The bill would let stablecoins be used by banks,