USDC circulation grew 90% YoY to $61.3B, reaching $65.2B in August. Revenue and adjusted EBITDA rose 53% and 52% respectively in Q2. Circle launched Arc blockchain and expanded partnerships post-IPO. Circle, the issuer of the USDC stablecoin, has released its financial results for the second quarter of 2025, marking its first report since going public. At the end of the quarter, USDC circulation reached $61.3 billion, a 90% increase from the previous year. By August 10, this figure had grown by another 6.4% to $65.2 billion. Total revenue and reserve income rose 53% year-over-year to $658 million, while adjusted EBITDA increased 52% to $126 million. However, the company recorded a net loss of $482 million, primarily due to non-cash expenses related to its initial public offering (IPO), totaling $591 million. Of this amount, $424 million was stock-based compensation, and $167 million resulted from an increased fair value of convertible debt due to the rising share price. “I’m proud of Circle’s performance in the second quarter, our first as a public company, where we demonstrated sustained growth and adoption of our platform across a multitude of use cases and with a diverse set of industry-defining partners,” said Jeremy Allaire, Co-Founder, Chief Executive Officer and Chairman at Circle. He added that the successful IPO in June was “a turning point not only for Circle but for the broader adoption of stablecoins.” Notably, BitMEX co-founder Arthur Hayes described Circle's IPO as the beginning of a “stablecoin mania.” Key corporate highlights for the quarter include: A $1.2 billion IPO, with 39.1 million shares sold (19.9 million newly issued) at $31 per share, generating net proceeds of $583 million after underwriting expenses; The launch of the Circle Payments Network in May, attracting over 100 financial institutions; Introduction of Arc, an open layer-1 blockchain designed for stablecoin-based financial services, utilizing USDC as its native gas token; Partnerships with Binance, Corpay, FIS, Fiserv, OKX, and others to expand USDC’s presence across banking, payments, and crypto services. Additionally, Circle celebrated U.S. President Donald Trump signing the GENIUS Act, which established federal regulation for payment stablecoins and reinforced Circle’s leadership in the industry.
