Circle, the issuer of the USDC stablecoin, has released its financial report for the second quarter of 2025 — the first report since the company went public. By the end of the quarter, the circulating volume of USDC had risen to $61.3 billion, which is a 90% increase compared to the same period last year. By August 10, the circulating amount had further increased to $65.2 billion.
This is reported by Business • Media
Financial Performance and IPO Implications
Despite the significant growth in stablecoin volume, Circle reported a net loss of $482 million. The primary reason was substantial non-cash expenses related to the IPO, which totaled $591 million. Specifically, $424 million was spent on stock-based compensation, while another $167 million was attributed to the increase in the fair value of convertible debt due to the rise in the company’s stock price following the listing. Total revenue and profit from the company’s reserves in the second quarter increased by 53% — reaching $658 million, while the adjusted EBITDA rose by 52% — to $126 million.
Key Events and Partnerships
- $1.2 billion IPO: 39.1 million shares were sold, of which 19.9 million were new. The shares were sold at a price of $31, with net proceeds after underwriting expenses amounting to $583 million.
- Launch of Circle Payments Network in May, with over 100 financial institutions already preparing to connect.
- Presentation of Arc — an open L1 blockchain for financial services based on stablecoins, with USDC supported as the native gas.
- Establishment of partnerships with Binance, Corpay, FIS, Fiserv, OKX, and other leading companies to expand the use of USDC in the banking, payment, and cryptocurrency sectors.
Circle also highlighted the signing of the GENIUS Act by President Donald Trump, which established federal regulation for payment stablecoins and strengthened the company’s position as one of the industry leaders.
“I am proud of Circle’s results in the second quarter, our first as a public company, where we demonstrated sustainable growth and expanded the use of our platform in a variety of scenarios with a number of leading partners,” said co-founder and CEO Jeremy Allaire.
According to Allaire, the successful IPO in June marked an important milestone not only for Circle but also for the further proliferation of stablecoins in the global financial ecosystem. Earlier, BitMEX co-founder Arthur Hayes emphasized that Circle’s IPO sparked what is referred to as the “stablecoin mania” in the market.