Circle’s First Public Earnings Send Shares Soaring 11% on USDC Demand Surge

Key Points

1. Circle reported total revenue and reserve income of $658 million, a 53% increase from the previous year, but posted a net loss of $482 million primarily due to $591 million in non-cash IPO charges.

2. USDC supply grew to $65.2 billion as of August 10, 2025, marking a 6.4% increase since quarter-end and maintaining a 28% market share.

3. Circle completed a $1.2 billion IPO in June, with reserve income—its primary revenue driver—rising 50% to $634 million.

4. Adjusted EBITDA increased 52% to $126 million, with a 50% margin, while average USDC circulation grew 86% year-over-year to $61.0 billion.

5. Circle expanded strategic partnerships with platforms like Binance, Corpay, and OKX, and is developing a Layer-1 blockchain for stablecoin finance with USDC as native gas.