๐น Revenue: $658M ๐ข (Est. $644.72M); +53% YoY
๐น Total Revenue & Reserve Income: $658M; UP +53% YoY
๐น USDC in Circulation (end of period): $61.3B; UP +90% YoY
Guidance:
๐น USDC in Circulation: Multi-year 40% CAGR target
๐น FY25 Other Revenue: $75โ$85M
๐น FY25 RLDC Margin: 36โ38%
๐น FY25 Adjusted Operating Expenses: $475โ$490M
Key Operating Metrics:
๐น Average USDC in Circulation: $61.0B; UP +86% YoY
๐น Reserve Return Rate: 4.1%; DOWN -103bps YoY
๐น USDC on Platform: $6.0B; UP +924% YoY
๐น Daily % of USDC on Platform: 7.4%; UP +536bps YoY
๐น USDC Minted: $42.2B; UP +21% YoY
๐น USDC Redeemed: $40.8B; UP +17% YoY
๐น Stablecoin Market Share: 28%; UP +595bps YoY
๐น Meaningful Wallets: 5.7M; UP +68% YoY
Notable Developments:
๐น Completed $1.2B IPO in June; raised $583M net proceeds from 19.9M primary shares at $31/share
๐น Launched Circle Payments Network (CPN) with 4 active payment corridors; 100+ institutions in pipeline
๐น Introduced Circle Gateway for instant crosschain USDC liquidity
๐น Announced new/expanded partnerships with Binance, Corpay, FIS, Fiserv, OKX
๐น Introduced Arc, an open Layer-1 blockchain with USDC as native gas; public testnet expected Fall 2025
Regulatory & Strategic:
๐น GENIUS Act signed into law โ establishes U.S. federal regime for payment stablecoins; reinforces Circleโs regulated issuer status
Other Metrics:
๐น RLDC: $251M; UP +38% YoY
๐น RLDC Margin: 38%; DOWN -408bps YoY
๐น Net Loss: $(482)M (impacted by $591M IPO-related non-cash charges)
๐น Adjusted EBITDA: $126M; UP +52% YoY
๐น Adjusted EBITDA Margin: 50%; UP +463bps YoY