Circle Stock Jumps as Q2 Earnings Beat Estimates
Circle Internet Financial's stock surged 11% in pre-market trading following a stronger-than-expected Q2 earnings report. Revenue reached $658 million, outpacing analyst projections of $647 million. The growth was fueled by a 90% year-on-year expansion of USDC circulation, which hit $61.3 billion in June.
The company unveiled Arc, a new blockchain protocol designed to bolster its stablecoin payments infrastructure. Despite the revenue beat, Circle reported a $482 million net loss, primarily attributed to non-cash charges tied to its recent IPO.
USDC's reserve income grew 50%, underscoring the stablecoin's accelerating adoption. The protocol's circulation continued climbing to $65.2 billion by August 10, signaling sustained momentum in the stablecoin market.
