Stablecoin issuer Circle reports $0.18 EPS, above forecasts, while revenue falls short at $701 million for the quarter.
Circle Internet Financial reported second-quarter earnings per share of $0.18, surpassing analysts’ expectations of $0.16. However, revenue reached $701 million, missing the $712 million forecast, contributing to a 5% drop in its stock price post-announcement.
The company’s USDC stablecoin circulation grew 19% year-over-year to $73.3 billion but remained below its peak of nearly $80 billion earlier this year. Circle’s Circle Payments Network also saw annualized transaction volume rise 76% quarter-over-quarter to $14.7 billion.
Circle’s upcoming Arc blockchain network, set to launch its public mainnet on September 16, has attracted over 100 institutional builders, including BlackRock, Mastercard, Visa, and Standard Chartered as validators.