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 Group, the issuer of the world’s second-largest stablecoin, posted a quarter loss after one-time charges related to the crypto company’s June IPO offset revenue gains from a year earlier. Second-quarter revenue exceeded Wall Street expectations, lifting Circle’s shares by 7% in premarket trading.

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