Circle Reports 53% Revenue Growth as CRCL Stock Rises 5%

Circle Internet Financial, the issuer of the USDC stablecoin, reported a 5% increase in its newly listed stock, CRCL, following strong revenue figures for Q2. The company’s stock approached $164 amidst growing institutional interest after the passage of the GENIUS Act, which promotes stablecoin applications.

Key Developments

USDC circulation rose by 90% year-over-year as of June 30.
Circle expects a compounded annual growth rate of 40% for USDC.
Revenue increased by 53% to $658 million, surpassing expectations of $644.7 million.
Growth driven by interest income from cash reserves and service offerings.
Reported a net loss of $482 million due to IPO-related non-cash charges.
Plans to launch Arc, a blockchain for stablecoin transactions, this fall.
Circle remains cautious about acquisitions, focusing on strategic growth.

Major companies and US banks are showing increasing interest in integrating stablecoins into their operations, potentially enhancing transaction efficiency.