Stablecoin giant Circle surpassed expectations for second-quarter revenue in its maiden quarterly results since going public, sending its shares up 5% on Tuesday.

The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.

Circle Internet’s stock surges as investors shrug off a one-time quarterly loss and focus on a big jump in revenue and stablecoins in circulation.