Circle shares surge after surprise earnings beat shows strong demand for stablecoins

The crypto industry, which has been slumping for months, got a jolt of good news when Circle announced earnings on Wednesday morning. The stablecoin issuer revealed its revenue increased by 77% in the fourth quarter compared to a year earlier, sending its shares up 23% in morning trading. Circle’s growth is a sign that demand for stablecoins remains strong despite the broader crypto market’s downturn, as the company reported that the amount of USDC in circulation ticked up about 72% compared to last year. ...