Circle Internet Group Reports 53% Revenue Growth and $61.3 Billion USDC Circulation in Q2, Amidst Net Loss of $482.1 Million
Circle, a pioneering company in the cryptocurrency sector and issuer of USD Coin (USDC), experienced a significant surge in its share price following the release of its first quarterly earnings report as a publicly-traded entity.
The reporting period showed a remarkable 53% increase in revenue, with figures climbing from $430 million during Q2 of last year to an impressive $658.1 million for the same period this year. This growth can primarily be attributed to the robust expansion of stablecoins.
In pre-market trading, Circle’s shares rose more than 7%.
The circulation of USDC, which Circle manages and issues, witnessed a notable increase of 90% over the past year, reaching $61.3 billion.
Despite reporting a net loss of $482.1 million, or $4.48 per share, for this quarter (compared to earnings of $32.9 million and breakeven per share in Q2 2021), Circle anticipates generating between $75 million and $85 million in other revenue for the remainder of the year, along with adjusted operating expenses ranging from $475 million to $490 million.
Circle’s USDC is the second largest stablecoin globally, accounting for approximately 26% of the dollar-backed stablecoin market, while Tether’s USDT holds about 67%, according to CryptoQuant.
This story is still developing, and updates will be provided as they become available.