1Monยท

Circle Internet Q2'25 Earnings Highlights

$CRCL (-2.18%)


๐Ÿ”น Revenue: $658M ๐ŸŸข (Est. $644.72M); +53% YoY

๐Ÿ”น EPS: $(0.18) ๐Ÿ”ด (Est. $0.34)

๐Ÿ”น USDC in Circulation: $61.3B; +90% YoY (as of Aug 10: $65.2B)


Guidance

๐Ÿ”น USDC Circulation Growth: 40% CAGR (multi-year)

๐Ÿ”น FY25 Other Revenue: $75Mโ€“$85M

๐Ÿ”น FY25 RLDC Margin: 36โ€“38%

๐Ÿ”น FY25 Adjusted Opex: $475Mโ€“$490M


Operating Metrics

๐Ÿ”น Average USDC in Circulation: $61.0B; +86% YoY

๐Ÿ”น Stablecoin Market Share: 28% (+595 bps YoY)

๐Ÿ”น USDC on Platform: $6.0B; +924% YoY

๐Ÿ”น Meaningful Wallets: 5.7M; +68% YoY


Corporate & Strategic Highlights

๐Ÿ”น Completed $1.2B IPO; raised $583M net proceeds

๐Ÿ”น Launched Circle Payments Network in May; 100+ institutions in pipeline

๐Ÿ”น Introduced Arc โ€“ open Layer-1 blockchain for stablecoin finance (public testnet this fall)

๐Ÿ”น Expanded partnerships with Binance, Corpay, FIS, Fiserv, OKX

๐Ÿ”น GENIUS Act signed into law โ€” establishes federal regime for payment stablecoins


Other Key Q2 Metrics:

๐Ÿ”น Adj EBITDA: $126M; +52% YoY

๐Ÿ”น Adj EBITDA Margin: 50% (+463 bps YoY)

๐Ÿ”น RLDC: $251M; +38% YoY (RLDC Margin: 38%, -408 bps YoY)

๐Ÿ”น Net Loss: $(482)M (impacted by $591M IPO-related non-cash charges)


CEO Commentary

๐Ÿ”ธ โ€œOur IPO marked a pivotal moment for Circle and stablecoin adoption globally. Weโ€™re seeing accelerating interest in building on stablecoins and partnering with Circle across every major sector.โ€ โ€“ Jeremy Allaire, CEO

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