TL;DR:
• Circle reports 53% revenue surge to $658.1M in first public earnings
• USDC stablecoin circulation rockets 90% to $61.3B amid crypto-friendly regulations
• Stock jumps 7% premarket, extending 420% gain since June IPO
• New Arc blockchain launch targeting institutional payments market
Circle shares surged over 7% in premarket trading after the stablecoin giant delivered a blowout first quarterly earnings report as a public company. Revenue exploded 53% to $658.1 million driven by explosive growth in its USDC stablecoin, which now commands $61.3 billion in circulation. The results validate the company's 420% stock rally since its June IPO debut.
Circle just delivered the earnings report that crypto bulls have been waiting for. The stablecoin issuer's first quarterly results as a public company sent shares soaring over 7% in premarket trading Tuesday, capping off what's already been a meteoric 420% run since the company's June 5 IPO debut.
The numbers tell a compelling growth story. Revenue rocketed 53% year-over-year to $658.1 million, crushing the $430 million generated in Q2 2024. But the real fireworks came from USDC circulation, which exploded 90% from the previous year to hit $61.3 billion. "The validation that we've seen in Circle, and the sentiment around circle is really about people understanding that the internet is colliding with the financial system," CEO Jeremy Allaire told CNBC's Squawk Box Tuesday morning.
The surge comes at a pivotal moment for the stablecoin market. While Tether's USDT still dominates with 67% market share according to CryptoQuant data, Circle's USDC has carved out a commanding 26% slice as the second-largest dollar-backed stablecoin. That positioning is paying dividends as traditional financial institutions rush to embrace crypto under the Trump administration's crypto-friendly regulatory overhaul.
The timing couldn't be better. Circle went public just as the regulatory winds shifted dramatically in crypto's favor. Trump's signing of the GENIUS Act last month - the first comprehensive U.S. crypto law - has unleashed a flood of institutional interest that Allaire says is unprecedented. "Since our IPO and since the GENIUS Act passed, the number of major financial institutions that are engaging with us in banking, payments, capital markets [and] so many categories has surged," he revealed.
