Overview
- Earnings beat: revenue and reserve income reached $740 million, net income rose to $214 million, and EPS came in at $0.64 versus roughly $0.22 expected, with adjusted EBITDA at $166 million.
- USDC in circulation ended the quarter at $73.7 billion, up 108% year over year, driving roughly $711 million in reserve income despite a lower reserve return rate.
- Management raised full‑year adjusted operating expense guidance to $495–$510 million and lifted projected 2025 other/transaction revenue to $90–$100 million.
- Circle Payments Network scaled to eight countries with 29 financial institutions enrolled, 55 under review, and annualized transaction volume of about $3.4 billion.
- Arc entered public testnet with participation from 100+ firms including BlackRock, Visa, Goldman Sachs, AWS, Coinbase and Kraken, and the company said it is exploring a native Arc token.