Circle Announces First Earnings After IPO... Circulation Increases 90% in One Year

The circulation of the US dollar stablecoin issued by Circle (USDC) has surpassed $65 billion.

On the 12th (local time), Circle announced that, as of the end of the second quarter, USDC’s circulation stood at $61.3 billion. This is approximately a 90% increase from a year ago. Circle added, “As of the 10th, circulation had increased a further 6.4%, reaching $65.2 billion.”

Revenue and reserve income totaled $658 million, up 53% from a year earlier. Reserve income refers to profits generated from collateral assets, such as Treasury bonds, acquired by Circle for backing the stablecoin. For the second quarter alone, reserve income was $634 million—about a 50% increase year-over-year.

Net loss for the second quarter was $482 million. Circle explained, “The main reason is the non-cash cost related to the IPO, which amounted to $591 million.”

This is Circle’s first performance disclosure since its IPO in June. The company cited the successful $1.2 billion IPO and the enactment of the GENIUS Act (Stablecoin Act) as key achievements in the second quarter.