Summary
- Circle said total revenue and reserve income for the second quarter rose 7% from a year earlier to $701 million.
- It said USDC circulation rose 19% to $73.3 billion and on-chain transaction volume surged 151% to $14.8 trillion, extending growth in the USDC ecosystem.
- Circle plans to launch the Arc blockchain public mainnet on Sept. 16, and its stock price was up 6.76% in U.S. premarket trading following the results.
Circle, the issuer of the fiat-backed stablecoin USDC, reported strong second-quarter results, helped by higher revenue and continued growth in the USDC ecosystem.
Circle said on its website on Aug. 5 that total revenue and reserve income for the second quarter rose 7% from a year earlier to $701 million. Net income was $48 million, up $503 million from the same period a year earlier.
The USDC ecosystem also continued to expand. USDC in circulation stood at $73.3 billion at the end of the second quarter, up 19% from a year earlier, while on-chain transaction volume surged 151% to $14.8 trillion.
Circle is also moving ahead with new businesses. The company plans to launch the public mainnet for the Arc blockchain on Sept. 16.
Shares were trading at $67.53 in U.S. premarket trading, up 6.76% from the previous close, following the earnings report.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.