Overview
- USDC in circulation reached $73.7 billion at quarter end, up 108% year over year, driving total revenue and reserve income to $740 million.
- Reserve income was the dominant contributor at roughly $711 million, reflecting larger average USDC balances despite slightly lower reserve yields.
- Earnings per share came in at $0.64 versus expectations near $0.22, with adjusted EBITDA rising 78% to $166 million.
- Circle raised full‑year guidance for other revenue to $90–$100 million and increased adjusted operating expense guidance to $495–$510 million.
- Expansion continued with the Arc public testnet involving 100+ companies and the company exploring a native Arc token, while the Circle Payments Network reached 29 enrolled financial institutions across eight countries with about $3.4 billion annualized volume; shares fell roughly 3–5% premarket and analyst opinions remained split, including William Blair’s Outperform and J.P. Morgan’s Sell.