Characterizing geologic formations near geothermal wells is crucial for efficient extraction of subsurface geothermal energy resources. To monitor effective fracture stimulation of enhanced geothermal systems (EGS), we analyze a catalog of induced microearthquakes to characterize seismicity induced by Phase 2C fracture stimulations of the Utah FORGE project and derive the b-values for 424 induced microearthquakes in three stages of fracture stimulation. We find the time-lapse variations of these b-values. We apply eigenvector rotation and waveform correlation to 3C geophone data to separate fast S1 and slow S2 waves, determine their directions, measure their lag time, and calculate the S-wave splitting rate (SSR) for six induced microearthquakes in Stage 1 and 21 in Stage 3. Both SSR values and b-values increase with time. The increase in these values may be related to heavily fractured zones created by fracture stimulations during Stage 2 injections. Large and highly variable SSR values in Stage 3 may reflect heterogeneities in the fracture zones. Time-lapse variations of SSR values and b-values may be one of the most useful approaches to monitoring and characterizing the effectiveness and efficiency of various types of fracture stimulations.