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Circle Internet Group (CRCL) delivered its first earnings report as a public company, following its blockbuster $1.2 bln IPO on June 5, 2025. Since its debut, CRCL’s shares soared as much as 865% above the IPO price of $31, reflecting intense investor enthusiasm for its stablecoin-driven business model, before cooling to a still-impressive 420% gain due to profit-taking. Today, the stock is surging again, propelled by a robust Q2 performance that showcased a 53% yr/yr increase in total revenue and reserve income to $658 mln, surpassing analysts’ estimates, driven by explosive growth in USDC stablecoin circulation and strategic platform expansions.

• CRCL’s revenue is predominantly derived from interest income on short-term Treasury bills backing its USDC stablecoin, a dollar-pegged digital asset designed for stability and transaction efficiency. The 86% yr/yr surge in average USDC circulation to $61.0 bln, reaching $61.3 bln by quarter-end and $65.2 bln by August 10, 2025, directly fueled a 50% increase in reserve income to $634 mln. This growth underscores the scalability of CRCL’s business model, where rising stablecoin adoption amplifies interest-earning reserves, despite a 103-bps decline in the reserve return rate to 4.1%, reflecting shifts in Treasury yield dynamics.
• Despite reporting a net loss of $482 mln, or $4.48 per share, CRCL’s profitability narrative is more nuanced due to $591 mln in non-cash charges tied to its IPO, including $424 mln in stock-based compensation. A clearer measure of operational health, adjusted EBITDA, surged 52% yr/yr to $126 mln, exceeding expectations and highlighting CRCL’s ability to leverage its growing USDC ecosystem. This improvement reflects the company’s inherent operating leverage, where fixed costs are spread over a rapidly expanding transaction volume.
• CRCL’s FY25 guidance projects a 40% compound annual growth rate (CAGR) for USDC circulation over a multi-year cycle, signaling confidence in sustained demand for its stablecoin. Key drivers include the expanding adoption of USDC for digital payments and settlements, bolstered by the Circle Payments Network (CPN), launched in May 2025, which already has over 100 financial institutions in the pipeline and four active payment corridors.
• Additionally, the introduction of Circle Gateway for cross-chain liquidity and the upcoming Arc blockchain, a Layer-1 network tailored for stablecoin finance, are expected to enhance USDC’s utility and accessibility, driving circulation growth through seamless integration across blockchains and enterprise-grade applications.
• Recent developments further position CRCL to capitalize on blockchain-based transactions, particularly in B2B and cross-border payment use cases. Strategic partnerships with Binance, Corpay, and Fiserv are pivotal: Binance’s expanded adoption of Circle Wallets and USYC for institutional trading enhances USDC’s role in crypto markets; Corpay’s integration pairs its global FX and card network with USDC for 24/7 settlement and compliance; and Fiserv’s collaboration explores embedding USDC infrastructure into its digital banking and payment solutions.

CRCL’s stock is rallying strongly today, propelled by its first post-IPO earnings report, which underscores the rapid expansion of its USDC stablecoin, now at $65.2 bln in circulation, and robust revenue growth. The company’s strategic initiatives, regulatory alignment, and partnerships position it as a leader in the digital finance ecosystem, with significant upside potential despite competitive pressures.