Shares of Coinbase Global (COIN) surged 11% to lead S&P 500 gainers Wednesday afternoon, a day after the Senate passed the GENIUS Act to set up federal boundaries for the use of stablecoins. The legislation would open the door for use of stablecoins—cryptocurrencies whose value is tied to another currency or financial asset such as the U.

The bill still needs to clear the House, where a competing version splits regulatory authority among agencies including the Federal Reserve and Comptroller of the Currency. Coinbase earns all interest on USDC held on its platform and has seen stablecoin-related income surge 50% year over year.

Coinbase and other crypto-linked stocks surged a day after the Senate voted to pass the GENIUS Act, a landmark bill creating a framework for stablecoins.