Shares of the first publicly-traded stablecoin company Circle continued to surge on Friday after the Senate passed legislation that would establish a regulatory framework for stablecoins, a type of cryptocurrency designed to maintain a value in line with the U.

An analyst projects revenue growth of up to 30% a year for Circle Internet, helping it outpace other fintechs.

NEW YORK] Circle Internet Group’s shares jumped 20 per cent on Friday (Jun 20) after Seaport Global gave the stablecoin issuer its first buy rating in the wake of the US Senate’s move this week to pass legislation setting up regulatory rules for cryptocurrencies pegged to the US dollar.