Circle, the issuer of the USDC stablecoin, has reported a sharp rise in revenue and reserve income in its first quarterly results since becoming a publicly traded company in June. The growth was fueled by higher circulation of USDC and increased demand for its subscription-based services.
The company’s stock climbed 5% in premarket trading, extending a rally that has taken its share price to more than five times the level of its initial public offering.
Stablecoins like USDC — backed by low-risk assets such as U.S. dollars and Treasuries — have gained traction among investors, particularly following the recent passage of the Genius Act. Analysts suggest the legislation could accelerate the use of stablecoins for cross-border payments and as a link between traditional banking and the digital finance sector.
Circle said USDC circulation as of June 30 had grown by 90% compared to the same period last year. Revenue and reserve income surged 53% year-over-year to $658 million, driven largely by higher interest earned on the cash and short-term securities backing its stablecoin. Revenue from subscriptions and services also posted gains.
The company reported a net loss of $482 million for the quarter, mainly due to two non-cash expenses linked to its IPO, including listing-related charges.
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IMAGE: Circle Internet Group Plc
