Circle quarterly profit beats estimates on stablecoin growth

By Arasu Kannagi Basil and Pritam Biswas (Reuters) -Circle's third-quarter profit beat Wall Street expectations on Wednesday, driven by higher reserve income amid ​rising circulation of its flagship stablecoin, but shares fell on concerns over potential ‌competition and valuation. Global adoption of stablecoins — digital tokens backed by low-risk assets such as the U.S. ‌dollar or Treasuries — is gaining momentum as traditional financial firms roll out new offerings in the space and regulators worldwide ...