On August 12, 2025, Circle Internet Group (Stocks: CRCL) released its second-quarter (Q2) Earnings Reports for 2025, marking the company's first quarterly report since its IPO in June. As the issuer of USDC stablecoin and currently the only publicly traded stablecoin company, Circle's performance has been closely watched by the market.
Last week, in our moomoo Community Earnings Reports preview, we predicted that Q2 revenue would reach $640-650 million, a YoY increase of about 50%, primarily driven by interest income from USDC reserves. We also warned of the risks associated with declining interest rates and increasing competition.
Circle Earnings Reports Preview: Can the Stablecoin Giant Continue Its Strong Performance? (Archived)
Now, let's analyze the core highlights of these Earnings Reports with actual data and assess whether Circle can maintain its momentum as a leader in stablecoins.
Overall Performance: Revenue Exceeds Expectations, but Losses Weigh on Stocks
Circle's Q2 total revenue and reserve income reached $658 million, a 53% year-over-year increase, surpassing the average Analyst expectation of $645 million and slightly above the forecasted Range of $640-650 million.
This 53% growth was primarily driven by the surge in USDC circulation: USDC circulation at the end of the quarter reached $61.3 billion, up 90% year-over-year, with an average circulation of $61 billion, up 86% year-over-year. Due to blockchain...