Circle reported higher revenue and reserve income in the first quarter amid a sharp increase in $USDC activity across its network. Total revenue and reserve income reached $694 million, up 20% year-over-year, while on-chain $USDC transaction volume surged 263% to $21.5 trillion.

On May 4, shares of Circle surged nearly 20% and closed at $119.53 after US Senators Thom Tillis and Angela Alsobrooks reached a bipartisan compromise on the wording of the CLARITY Act regarding stablecoin rewards.

During the annual meeting of the World Economic Forum, it was announced that Bermuda will allow cryptocurrency companies to build digital asset infrastructure for the government, banks, insurance companies, and retail consumers. The project aims to create “the world’s first national economy fully operating on blockchain technology.”

Payment giant Mastercard and Circle have entered into a partnership agreement to enable settlements in USDC and EURC stablecoins for acquirers in Eastern Europe, the Middle East, and Africa.