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USDC Powerhouse Circle Soars 11% on Stellar Q2 Earnings and Blockchain Expansion
USDC Powerhouse Circle Soars 11% on Stellar Q2 Earnings and Blockchain Expansion
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USDC News -
Circle's stock surged over 11% in pre-market trading after reporting strong Q2 results, with revenue climbing 53% year-over-year to $658 million. This growth was fueled by a 90% increase in USDC stablecoin circulation, which generated $634 million in interest from reserves.
The company unveiled plans to launch Arc, an EVM-compatible layer-one blockchain, this fall. USDC will serve as the native gas token, with seamless integration across Circle's platforms. Despite the revenue jump, Circle posted a $482 million quarterly loss due to IPO-related expenses.
Investors responded enthusiastically, pushing CRCL shares to $179 in early trading. USDC maintains its dominant market position with over $65.6 billion in circulation.
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