Circle Q2 2025 Results: USDC Growth Amid IPO-Driven Net Loss

Circle Internet Financial reported a mixed second quarter, with USDC circulation surging 90% year-over-year to $61.3 billion while recording a $482 million net loss due to IPO-related charges. The stablecoin's market presence continues expanding, reaching $65.2 billion by August 2025.

Revenue climbed 53% to $658 million, with adjusted EBITDA growing 52% to $126 million, demonstrating Core business strength. The financial results were overshadowed by $591 million in non-cash charges from June's $1.2 billion IPO, including stock-based compensation and convertible debt revaluation.

The company's public market debut included 19.9 million Class A shares issued at $31 each, generating $583 million in net proceeds. Circle allocated 2.68 million shares to its foundation, signaling long-term ecosystem commitment despite short-term accounting impacts.