Takeaways from Circle’s first post-IPO earnings call

Key Points

1. Circle announced the launch of a layer-1 blockchain named Arc, with USDC as its native asset, aiming to support stablecoin finance in payments, FX, and capital markets.

2. USDC circulation grew to ~$61 billion by the end of Q2, marking a 90% year-over-year increase, though it slightly dropped to ~$65 billion by August 10.

3. Circle reported Q2 revenue/reserve income of $658 million but a net loss of $482 million due to IPO-related non-cash charges; adjusted EBITDA was $126 million, 3% above Wall Street estimates.

4. CRCL shares traded at $166, up 3% on the day, but have dropped over 40% from their peak of nearly $300 on June 23.

5. Circle has formed partnerships with OKX and acquired Hashnote, issuer of the US Yield Coin (USYC), to expand its market presence and product offerings.