Circle Sees Record Q2 Revenue as USDC Circulation Surges

Circle, the issuer of the USD Coin (USDC), reported its second-quarter financial results, revealing a significant increase in USDC circulation. The company's quarterly on-chain transaction volume surged by 151%, reaching $14.8 trillion.

The growth in on-chain transaction volume indicates that USDC is being used not only as a store of value but increasingly for settlements, remittances, and trading activity. This metric highlights the expanding role of stablecoins in the broader crypto ecosystem.

Circle's total revenue and reserve income for the quarter came in at $701 million, up 7% from the same period last year. Adjusted EBITDA rose 8% to $143 million, reflecting Circle’s continued focus on operational efficiency amid a competitive stablecoin market.