Circle Posts Mixed Q2 Earnings, Preps for Arc Mainnet Launch

Circle, the issuer of the popular USDC stablecoin, has reported its quarterly earnings for Q2. Despite missing revenue estimates by $12 million, Circle's total 'revenue and reserve' income rose to $701.3 million, a 4% increase from Q1.

The company's primary source of revenue is interest earned on U.S. Treasury bills backing its circulating USDC, which rose 2.3% from Q1 to $667.7 million.

However, Circle's net income from continuing operations fell by 12.4% from Q1, reaching $48.2 million, due to increasing operating expenses and distribution costs.