Circle Stock Surges on Improved Profits and Raised Guidance

Circle's stock price surged 9% in pre-market trading after the company reported a significant increase in profits and raised its full-year guidance. The firm swung to $48 million net income from a large loss a year ago, demonstrating a marked improvement in its financial performance.

The company's revenue and reserve income reached $701 million, up 7% compared to last year. Additionally, the number of USDC tokens in circulation climbed to $73.3 billion, representing an increase of 19%. Average USDC circulation grew by 25% to $76.5 billion.

The data also shows that USDC onchain volume surged 151% to $14.8 trillion and adjusted EBITDA rose 8% to $143 million. These figures underscore the accelerating trends in the stablecoin market, which is driving Circle's stock performance.