Circle Thrives Amid Crypto Downturn as USDC Activity Accelerates

Circle's quarterly financial report shows that despite a slowing crypto market and interest rates, the stablecoin issuer is thriving. The company posted $701 million in revenue and reserve income for Q2, up 7% from last year.

The growth was driven by a 25% increase in average USDC circulation, which stood at $73.3 billion at quarter-end, a 19% jump from the same period last year. This expansion has led to a 151% rise in onchain transaction volume to $14.8 trillion.

The number of wallets holding more than $10 rose 24% to 7 million, while USDC held a 27% share of the fiat-backed stablecoin market. However, the amount held directly on Circle's platform more than doubled to $12.4 billion.