Circle Surges the Most Since IPO After Results Top Estimates

Shares of Circle Internet Group Inc. jumped 35%, the most since its high-profile public debut last year, after the company said strong demand for its stablecoin bolstered profit and revenue during the fourth-quarter downturn in digital assets.

The amount of Circle’s USDC stablecoin in circulation rose 72% to $75.3 billion from the year-earlier period, while the company noted that its reserve return rate was 3.8% in the quarter ended Dec. 31. Circle earns most of its profit from the interest paid on US government securities that it holds in reserve to back its stablecoin.