Circle shares fell in premarket trading after the stablecoin issuer beat adjusted earnings expectations but missed Wall Street revenue forecasts. The company also reported growth in USDC activity and new institutional backing for its Arc blockchain network.
Circle shares fell in premarket trading after the stablecoin issuer beat adjusted earnings expectations but missed Wall Street revenue forecasts. The company also reported growth in USDC activity and new institutional backing for its Arc blockchain network.
Circle Internet shares fell about 3% in premarket trading Wednesday after the stablecoin issuer reported second-quarter results that beat profit expectations but came in slightly short on revenue. The stock had initially risen after the report before reversing, according to CoinDesk.
Circle Internet shares fell about 3% in premarket trading Wednesday after the stablecoin issuer reported second-quarter results that beat profit expectations but came in slightly short on revenue. The stock had initially risen after the report before reversing, according to CoinDesk.
The mixed reaction matters because Circle sits at the center of the stablecoin market, where investors are watching both financial performance and institutional adoption. The company reported adjusted earnings of 18 cents per share, above analysts' consensus estimate of 16 cents, while revenue and reserve income rose 7% year over year to $701 million, below expectations of $712 million.
Circle said net income from continuing operations reached $48 million, topping analyst estimates of $43 million. Adjusted EBITDA increased 8% to $143 million, showing profit growth even as the company described a slower crypto market and a rate environment affecting results.
USDC, Circle's dollar-backed stablecoin, continued to expand in circulation and usage. Circulation stood at $73.3 billion at the end of June, up 19% from a year earlier but below its 2026 peak of nearly $80 billion, while onchain transaction volume rose 151% to $14.8 trillion during the quarter.
The company also gave a detailed update on Arc, its blockchain network planned for public mainnet launch on September 16. Circle said more than 100 ecosystem and institutional builders are developing on Arc, with a founding validator set that includes BlackRock, DTCC, ICE, Mastercard, Visa, Standard Chartered, Galaxy and MoneyGram. BlackRock plans to deploy its BUIDL tokenized U.S. Treasury fund on the network, while DTCC is working on infrastructure for tokenized securities held at its depository.
Circle also reported momentum for the Circle Payments Network, which reached $14.7 billion in annualized transaction volume over the trailing 30 days, up 76% from the previous quarter, with 175 financial institutions participating. The company recently received approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, placing the issuer under federal trust bank oversight.
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