<2> Circle Internet’s Stock Soars on Big Jump in Profits
<3> Stablecoin Issuer Sees Rise in Fourth-Quarter Profitability
Circle Internet Financial Ltd., the company behind the popular stablecoin USDC, reported a significant increase in profitability for the fourth quarter of 2023. The news sent the company’s stock soaring, giving crypto investors a reason to cheer.
<4> According to a report by < href='https://bloomberg.com' target='_blank'>Bloomberg, Circle Internet’s revenue rose by 25% in the fourth quarter, driven by an increase in the use of its stablecoin USDC. The company’s net income also saw a significant jump, rising by 50% year-over-year.
<5> The strong financial performance was driven by the growing adoption of USDC, which is widely used in the crypto space. The stablecoin has become a popular choice for traders and investors keen on hedging against volatility in the crypto market.
<6> The news has sent Circle Internet’s stock price surging, with shares rising by over 15% in early trading. The company’s market capitalization has also seen a significant increase, with the value of its shares now exceeding $10 billion.
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