PayPal Holdings gained over $4 billion despite a U.S. Securities and Exchange Commission subpoena for its stablecoin.

The company’s shares rose 7% to $55.12, easing concerns about a spending slowdown.

New CEO Alex Chriss emphasized that the company’s cost base remains too high, and will focus on its most profitable growth priorities.

Block shares rose about 6%. PayPal’s stablecoins protect investors from price volatility and were introduced in August.