Circle Internet Group, the issuer of the world’s second-largest stablecoin, posted a quarter loss after one-time charges related to the crypto company’s June IPO offset revenue gains from a year earlier. Second-quarter revenue exceeded Wall Street expectations, lifting Circle’s shares by 7% in premarket trading.

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.