Circle Internet Financial delivered a strong first quarterly report as a public company, with revenue and reserve income jumping 53% year-over-year to $658 million, sending shares up 5% in premarket trading Tuesday. The crypto financial services firm has seen its stock surge more than 400% since its June IPO.
The growth was powered by soaring demand for its USDC stablecoin, with circulation growing 90% year-over-year as of June 30. The company benefited from both increased adoption of USDC – now the second-largest stablecoin behind Tether – and higher interest income from the reserves backing the token. Subscription and services revenue also contributed to the top-line growth.
While Circle posted a $482 million net loss, the red ink stemmed largely from one-time IPO-related accounting charges rather than operational performance. The loss included non-cash expenses for employee stock awards and a mark-to-market adjustment on convertible debt following the stock’s post-IPO surge.
The results come amid growing institutional interest in stablecoins following last month’s passage of the Genius Act, which analysts believe could accelerate adoption for cross-border payments and as a bridge between traditional and digital finance. Circle’s performance suggests it’s well-positioned to capitalize on these regulatory tailwinds as stablecoin usage expands globally.