Circle sees record USDC growth, but swings to loss on IPO charges
Circle Internet Group reported $658 million in Q2 revenue, up 53% year-over-year, driven by surging USDC adoption and higher reserve income.
Reserve income jumped 50% to $634 million, supported by elevated interest rates and an 86% increase in average USDC circulation, reports Crypto News.
Other revenue streams, including subscriptions and transaction services, climbed 252% to $24 million. USDC circulation hit $61.3 billion, up 90% from a year ago, boosting Circle’s fiat-backed stablecoin market share to 28%. On-chain transaction volumes soared to nearly $6 trillion, reflecting deepening usage across institutional and retail markets.
IPO charges weigh on earnings and stock performance
Despite the revenue surge, Circle posted a net loss of $482 million, largely due to $591 million in non-cash charges tied to its June IPO. These included $424 million in stock-based compensation and $167 million from convertible debt revaluation following post-listing price gains.
The company also announced a 10 million Class A share secondary offering, aimed at enhancing liquidity but triggering concerns over dilution. This sent shares down over 8% in after-hours trading, highlighting investor caution despite Circle’s strong operational performance.
Expansion of payments network and blockchain plans
Circle continues to push deeper into payments and blockchain infrastructure. In May, it launched the Circle Payments Network for near-instant cross-border USDC settlements, with four active corridors and over 100 institutions in development. Strategic alliances with Binance, Corpay, FIS, Fiserv, and OKX aim to accelerate traditional payment integration.
On August 12, Circle unveiled Arc, an open Layer-1 blockchain designed for stablecoin finance, with a public testnet scheduled for fall. Regulatory momentum from the GENIUS Act further strengthens its market position as stablecoins gain broader institutional adoption.
Recently we wrote that the fake Circle (CRCL) token is raising serious concerns among analysts, who warn it is a high-risk, deceptive asset designed to mislead investors and capitalize on brand recognition.
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