🔹 Revenue: $658M 🟢 (Est. $644.72M); +53% YoY
🔹 Total Revenue & Reserve Income: $658M; UP +53% YoY
🔹 USDC in Circulation (end of period): $61.3B; UP +90% YoY
Guidance:
🔹 USDC in Circulation: Multi-year 40% CAGR target
🔹 FY25 Other Revenue: $75–$85M
🔹 FY25 RLDC Margin: 36–38%
🔹 FY25 Adjusted Operating Expenses: $475–$490M
Key Operating Metrics:
🔹 Average USDC in Circulation: $61.0B; UP +86% YoY
🔹 Reserve Return Rate: 4.1%; DOWN -103bps YoY
🔹 USDC on Platform: $6.0B; UP +924% YoY
🔹 Daily % of USDC on Platform: 7.4%; UP +536bps YoY
🔹 USDC Minted: $42.2B; UP +21% YoY
🔹 USDC Redeemed: $40.8B; UP +17% YoY
🔹 Stablecoin Market Share: 28%; UP +595bps YoY
🔹 Meaningful Wallets: 5.7M; UP +68% YoY
Notable Developments:
🔹 Completed $1.2B IPO in June; raised $583M net proceeds from 19.9M primary shares at $31/share
🔹 Launched Circle Payments Network (CPN) with 4 active payment corridors; 100+ institutions in pipeline
🔹 Introduced Circle Gateway for instant crosschain USDC liquidity
🔹 Announced new/expanded partnerships with Binance, Corpay, FIS, Fiserv, OKX
🔹 Introduced Arc, an open Layer-1 blockchain with USDC as native gas; public testnet expected Fall 2025
Regulatory & Strategic:
🔹 GENIUS Act signed into law — establishes U.S. federal regime for payment stablecoins; reinforces Circle’s regulated issuer status
Other Metrics:
🔹 RLDC: $251M; UP +38% YoY
🔹 RLDC Margin: 38%; DOWN -408bps YoY
🔹 Net Loss: $(482)M (impacted by $591M IPO-related non-cash charges)
🔹 Adjusted EBITDA: $126M; UP +52% YoY
🔹 Adjusted EBITDA Margin: 50%; UP +463bps YoY