Circle, a leading issuer of stablecoins, has unveiled its maiden quarterly financial report since its public listing in June. The report highlights a robust 53% year-on-year growth in both revenue and reserve income, amounting to a total of $658 million. Despite this positive financial performance, the company reported a net loss of $482 million, primarily attributed to two significant non-cash expenses incurred during the initial public offering (IPO): the cost of employee stock awards and an increase in the valuation of convertible bonds.