Crypto
Circle Shares Rally After 19% USDC Circulation Surge
Circle Internet Group Inc. (CRCL) reported a 7% increase in second-quarter revenue and reserve income, driven by a sharp expansion in USDC circulation.
The New York-based stablecoin issuer posted total revenue and reserve income of $701.3 million for the quarter ended June 30, up from the same period a year earlier.
USDC circulation climbed 19% year-over-year to $73.3 billion at the end of the quarter, while onchain transaction volume surged 151% to $14.8 trillion.
Circle's shares rallied 7.7% in premarket trading after the earnings beat, which saw net income attributable to common shareholders reach 18 cents per share, edging past the 17 cents per share consensus estimate compiled by LSEG.