USDC Issuer Circle Soars 11% After Smashing Revenue Estimates in First Earnings Report

Circle (CRCL) shares jumped over 11% in premarket trading after the stablecoin pioneer reported stronger-than-expected quarterly results. While posting a $4.48 per share loss, the company delivered $658 million in revenue - beating the $647 million analyst consensus. A $482 million net loss included one-time charges related to its recent public debut.

CEO Jeremy Allaire emphasized USDC's position as the fastest-growing major stablecoin, with circulation ballooning to $65.2 billion by August 10 - a 90% year-over-year surge. The company announced ARC, a new institutional-focused blockchain network featuring predictable low-cost payments, scheduled for launch later this year.

Circle's stock has rocketed 400%+ since its $31 IPO price, fueled by pro-crypto legislation like the GENIUS Act. The performance signals growing institutional trust in stablecoin infrastructure as digital asset adoption accelerates.