🔹 Revenue: $658M 🟢 (Est. $644.72M); +53% YoY
🔹 EPS: $(0.18) 🔴 (Est. $0.34)
🔹 USDC in Circulation: $61.3B; +90% YoY (as of Aug 10: $65.2B)
Guidance
🔹 USDC Circulation Growth: 40% CAGR (multi-year)
🔹 FY25 Other Revenue: $75M–$85M
🔹 FY25 RLDC Margin: 36–38%
🔹 FY25 Adjusted Opex: $475M–$490M
Operating Metrics
🔹 Average USDC in Circulation: $61.0B; +86% YoY
🔹 Stablecoin Market Share: 28% (+595 bps YoY)
🔹 USDC on Platform: $6.0B; +924% YoY
🔹 Meaningful Wallets: 5.7M; +68% YoY
Corporate & Strategic Highlights
🔹 Completed $1.2B IPO; raised $583M net proceeds
🔹 Launched Circle Payments Network in May; 100+ institutions in pipeline
🔹 Introduced Arc – open Layer-1 blockchain for stablecoin finance (public testnet this fall)
🔹 Expanded partnerships with Binance, Corpay, FIS, Fiserv, OKX
🔹 GENIUS Act signed into law — establishes federal regime for payment stablecoins
Other Key Q2 Metrics:
🔹 Adj EBITDA: $126M; +52% YoY
🔹 Adj EBITDA Margin: 50% (+463 bps YoY)
🔹 RLDC: $251M; +38% YoY (RLDC Margin: 38%, -408 bps YoY)
🔹 Net Loss: $(482)M (impacted by $591M IPO-related non-cash charges)
CEO Commentary
🔸 “Our IPO marked a pivotal moment for Circle and stablecoin adoption globally. We’re seeing accelerating interest in building on stablecoins and partnering with Circle across every major sector.” – Jeremy Allaire, CEO
