Circle Internet Group posted strong growth in the second quarter of fiscal 2025, marking its first full quarter as a public company. The company ended the quarter with $61.3 billion USDC in circulation, a 90% jump from last year. By August 10, circulation reached $65.2 billion.
Total revenue and reserve income rose 53% year-over-year to $658 million. Adjusted EBITDA climbed 52% to $126 million. The company reported a net loss of $482 million, driven by IPO-related non-cash charges totaling $591 million.
These included $424 million in stock-based compensation from restricted stock units vested at the IPO, and $167 million from higher convertible debt value due to share price gains. Operating expenses reached $577 million, reflecting the large equity compensation expense.
Circle payments network launches with 100+ institutions
In June, Circle completed a $1.2 billion initial public offering. It sold 19.9 million primary shares at $31 each, generating $583 million in net proceeds after discounts but before costs. The GENIUS Act became law during the quarter, creating a federal framework for payment stablecoins.
Circle’s regulatory approach aligned with the new law, strengthening its leadership in compliant stablecoin issuance. Circle also advanced its products and partnerships. The Circle Payments Network launched in May, attracting more than 100 financial institutions in its pipeline.
It opened four active payment corridors and plans more in the second half of 2025. In July, the company rolled out Circle Gateway on testnet, enabling instant cross-chain USDC transfers without capital prepositioning. The firm expanded relationships with major partners.
Binance adopted more of Circle’s wallet technology and enabled USYC for institutional collateral. Corpay integrated USDC into its global FX and card network. FIS will offer U.S. institutions USDC payment services through its Money Movement Hub.
Circle targets global Stablecoin financial infrastructure
Fiserv began exploring USDC integration with its banking and payment systems. OKX added direct USD-to-USDC conversions for its 60 million users. Circle also introduced Arc, an enterprise-grade Layer-1 blockchain tailored for stablecoin payments, FX, and capital markets.
Arc will feature USDC as native gas, a built-in FX engine, rapid settlement, and optional privacy. It will connect with Circle’s full platform and partner blockchains, with a public testnet expected this fall.
The company signaled confidence in its growth trajectory, citing increasing global adoption of USDC and momentum in institutional engagement across banking, payments, and digital asset markets. It aims to build a comprehensive, stablecoin-powered financial infrastructure for the internet economy.
