Overview

• Circle reported second-quarter revenue of $658.1 million, up 53% year-over-year, driven by reserve income of approximately $634 million.
• The company recorded a net loss of $482.1 million largely due to non-cash IPO-related charges for stock-based compensation and convertible debt revaluation.
• USDC circulation grew about 90% year-over-year to $61.3 billion at quarter end and accelerated to roughly $65.2 billion by August 10, with on-chain volume near $5.9 trillion.
• Circle filed an S-1 to sell up to 10 million shares, including 8 million by insiders, triggering a late-day drop in its stock despite strong operational results.
• The firm unveiled Arc, an EVM-compatible layer-1 blockchain for stablecoin payments and markets, with a public testnet scheduled for this fall.