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USDC Drives Circle’s 53% Revenue Surge Despite IPO-Related Q2 Loss
USDC Drives Circle’s 53% Revenue Surge Despite IPO-Related Q2 Loss
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USDC News -
Circle Internet Financial Ltd. reported $658 million in Q2 revenue, marking a 53% year-over-year increase fueled by strong adoption of its USDC stablecoin. Reserve income grew 50% to $634 million, supported by higher interest rates and an 86% increase in average USDC circulation.
Despite revenue growth, Circle posted a $482 million net loss due to accounting charges from its recent public debut. USDC's market share ROSE to 28% of the fiat-backed stablecoin sector, with on-chain transaction volume exceeding $6 trillion.
The company achieved $126 million in adjusted EBITDA, reflecting solid Core profitability. However, a secondary stock offering has pressured share performance since its June SPAC merger completion.
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