Circle Revenue Falls Short as Reserve Yield Declines

Circle's second-quarter revenue fell short of Wall Street estimates, but the company reported growth in other areas.

The company's reserve income rose 5% year-over-year to $668 million, driven by a 25% increase in USDC in circulation. On-chain USDC transaction volume surged 151% to $14.8 trillion, with annualized transaction volume reaching $14.7 billion.

Circle's adjusted EBITDA increased 8% to $143 million, with net income from continuing operations at $48 million and diluted earnings per share of $0.18.