Shares in Circle (CRCL) stock are popping on Tuesday as the company outperformed Wall Street forecasts in its first earnings report. Since its groundbreaking IPO earlier this Summer, the stock has become a popular choice among stock investors looking to indulge in crypto-related options. Circle, the issuer behind the leading USDC stablecoin, has gained large amounts of investor interest, driving its stock higher, and its recent earnings report reinforces that optimism.

Circle reported second-quarter total revenue of $658 million, versus the $647 million analysts expected. The USDC stablecoins in circulation grew 90% year-over-year to $61.3 billion at quarter end, and have grown an additional 6.4% to $65.2 billion as of Aug 10. Additionally, CEO Jeremy Allaire says USDC was the “fastest-growing major stablecoin over the past year.” “Overall activity globally in the digital asset economy has been growing,” Allaire told Yahoo Finance on Tuesday morning. “We’re continuing to see growth in the use of dollar digital currencies like USDC as a store of value around the world in cross-border settlements,” he added.

During its earnings call, Circle also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. “We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees,” CEO Jeremy Allaire said Tuesday morning. The move helped fuel a 5% climb for Circle (CRCL) on Tuesday. At press time, the stock is up roughly 480% from its IPO price of $31 per share.

Also Read: Bitcoin Miner BitMine’s Stock Skyrockets 563%: Should You Buy?

Furthermore, following the passage of the GENIUS Act, stablecoins like Circle USDC have been in the spotlight. For the USDC providing company, its stock also rose following the bill’s approval. Investors on Wall Street see the stock as a way for investors to participate in rising enthusiasm over stablecoins. “CRCL is a global leader in stablecoins and is the purest stablecoin play in the public markets right now, and we anticipate further gains in the shares as the company creates new opportunities for itself and its partners,” Seaport Research analyst Jeff Cantwell wrote last month. His price forecast for CRCL stock remains at $280, with the analyst reaffirming his “buy” rating.

Shares in Circle (CRCL) stock are popping on Tuesday as the company outperformed Wall Street forecasts in its first earnings report. Since its groundbreaking IPO earlier this Summer, the stock has become a popular choice among stock investors looking to indulge in crypto-related options. Circle, the issuer behind the leading USDC stablecoin, has gained large amounts of investor interest, driving its stock higher, and its recent earnings report reinforces that optimism.

Circle reported second-quarter total revenue of $658 million, versus the $647 million analysts expected. The USDC stablecoins in circulation grew 90% year-over-year to $61.3 billion at quarter end, and have grown an additional 6.4% to $65.2 billion as of Aug 10. Additionally, CEO Jeremy Allaire says USDC was the “fastest-growing major stablecoin over the past year.” “Overall activity globally in the digital asset economy has been growing,” Allaire told Yahoo Finance on Tuesday morning. “We’re continuing to see growth in the use of dollar digital currencies like USDC as a store of value around the world in cross-border settlements,” he added.

During its earnings call, Circle also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. “We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees,” CEO Jeremy Allaire said Tuesday morning. The move helped fuel a 5% climb for Circle (CRCL) on Tuesday. At press time, the stock is up roughly 480% from its IPO price of $31 per share.

Also Read: Bitcoin Miner BitMine’s Stock Skyrockets 563%: Should You Buy?

Furthermore, following the passage of the GENIUS Act, stablecoins like Circle USDC have been in the spotlight. For the USDC providing company, its stock also rose following the bill’s approval. Investors on Wall Street see the stock as a way for investors to participate in rising enthusiasm over stablecoins. “CRCL is a global leader in stablecoins and is the purest stablecoin play in the public markets right now, and we anticipate further gains in the shares as the company creates new opportunities for itself and its partners,” Seaport Research analyst Jeff Cantwell wrote last month. His price forecast for CRCL stock remains at $280, with the analyst reaffirming his “buy” rating.