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.

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 has completed its first quarter as a public company, reporting $658 million in returns on its stablecoin reserves — its main source of profit — while holding onto $251 million of that after distribution costs.