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 (CRCL), the stablecoin issuer that has seen a meteoric rise since its IPO in June, will report quarterly results on Tuesday for the first time since going public. The stock is up more than 400% from its IPO price of $31 per share as crypto-friendly legislation has lifted the sector.