(Reuters) -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.

Shares rose 5% in premarket trading, solidifying the rally that has pushed the company’s stock to more than five times its initial public offering price.

Stablecoins, which are digital tokens backed by low-risk assets such as the U.S. dollar or Treasuries, have drawn increasing investor attention, especially since the Genius Act was passed last month.

The law has led some analysts to speculate that the tokens could be used for cross-border remittances and as a bridge between traditional banking and digital finance.

The momentum has helped companies such as Circle, whic

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