Overview

• Second-quarter revenue rose to $658 million, up 53% year-over-year, driven by reserve income from a 90% increase in USDC circulation to $61.3 billion at June 30
• The company posted a net loss of $482.1 million, largely reflecting $424 million in stock-based compensation and a $167 million convertible debt fair-value adjustment tied to its June IPO
• Circle issued guidance for $75–85 million in other revenue and $475–490 million in adjusted operating expenses for the rest of 2025 while targeting a 40% compound annual growth rate for USDC circulation
• The firm unveiled Arc, an EVM-compatible layer-1 blockchain for stablecoin payments, FX and capital-markets settlement, with a public testnet slated for this fall
• Shares climbed after the earnings beat as the GENIUS Act’s new stablecoin framework continues to spur institutional interest