Stablecoin giant Circle surpassed expectations for second-quarter revenue in its maiden quarterly results since going public, sending its shares up 5% on Tuesday.

Circle Internet Group stock tumbled more than 5% in extended trading Tuesday after it said it would offer 10 million Class A shares to the public. Two million of the shares will be offered by the company, and 8 million shares will be sold by existing shareholders.

The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.