Circle Internet Group shares jumped Tuesday after reporting its first quarterly earnings as a publicly listed company.

While charges related to the stablecoin issuer's debut contributed to a second-quarter loss, it reported a 53% increase in revenue, driven by strong growth in stablecoins. Revenue rose to $658.1 million from $430 million in the same period a year ago.

Shares were last higher by about 2.5%. Earlier, they rallied more than 17%. The stock has soared more than 450% since it went public on June 5 .

"The validation that we've seen in Circle, and the sentiment around circle is really about people understanding that the internet is colliding with the financial system," Circle CEO Jeremy Allaire told CNBC's "Squawk Box" Tuesday. "Just like open internet, software, netw

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