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.

Circle went public in June and ...