Circle, the issuer of the USDC stablecoin, has released its second-quarter 2025 results, marking its first quarter as a publicly traded company. During this period, the circulating volume of USDC grew by 90% year-over-year, reaching $61.3 billion, and by August 10, this figure exceeded $65 billion.
This is reported by Finway
Financial Results and Key Metrics
The company’s total revenue and profit from reserves increased by 53% compared to the same period last year, amounting to $658 million. Adjusted EBITDA rose by 52% to $126 million. At the same time, Circle reported a net loss of $482 million. A significant portion of this amount is attributed to non-cash expenses related to the IPO, which totaled $591 million. Specifically, $424 million was spent on stock-based compensation, and $167 million was attributed to the increase in the fair value of convertible debt, resulting from the rise in the company’s stock price.
“I am proud of Circle’s results in the second quarter, our first as a public company, where we demonstrated sustainable growth and expanded the use of our platform across a variety of scenarios and with a range of leading partners,” said co-founder and CEO Jeremy Allaire.
He also emphasized that the successful IPO in June was an important milestone not only for the corporation itself but also for the further adoption of stablecoins in the financial industry.
Key Corporate Events of the Quarter
- In June, an IPO raised $1.2 billion: 39.1 million shares were sold, of which 19.9 million were new, at a price of $31. Net proceeds after underwriting expenses amounted to $583 million.
- The Circle Payments Network launched in May, with over 100 financial institutions awaiting connection.
- Arc was introduced – an open layer-one blockchain for financial services based on stablecoins, with USDC supported as the native currency for fee payments.
- Partnerships with leading companies, including Binance, Corpay, FIS, Fiserv, and OKX, were expanded to integrate USDC into banking, payment, and cryptocurrency services.
Circle also marked an important event for the industry – the signing of the GENIUS Act by President Donald Trump, which implements federal regulation of payment stablecoins and strengthens the company’s position as one of the market leaders.