Circle posted higher revenue and reserve income on Tuesday in its maiden quarterly results since going public in June, driven by increased circulation of its USDC stablecoin and stronger subscription services.

Circle Internet Group shares surged Tuesday as its first financial report since its initial public offering came in better than expected on growing use of the USDC stablecoin.

Circle Internet Group stock tumbled more than 5% in extended trading Tuesday after it said it would offer 10 million Class A shares to the public. Two million of the shares will be offered by the company, and 8 million shares will be sold by existing shareholders.