Circle Internet Group (NYSE:CRCL) reported first-quarter revenue that fell short of analyst expectations but topped earnings estimates, as the stablecoin issuer pointed to explosive growth in USDC transaction activity and launched a new suite of services targeting artificial…
telligence agents. Revenue for the quarter ended March 31 came in at $694.13 million, up 20% from a year earlier but below the $714.88 million analysts had anticipated
Earnings per share of $0.21 beat estimates of $0.18. The headline miss belied strong momentum in Circle’s core business. USDC in circulation reached $77 billion, a 28% year-over-year increase, while onchain transaction volume processed in USDC surged to $21.5 trillion — a 263% jump from the prior-year period.
USDC accounted for 63% of stablecoin transaction volumes in the quarter. Reserve income, the primary driver of Circle’s business model, rose 17% to $653 million. Revenue less distribution costs grew 24% to $287 million, with a margin of 41%.