Circle Posts $701 Million Q2 Revenue as USDC Activity Accelerates

Circle reported stronger second-quarter earnings as USDC circulation and transaction activity expanded. The stablecoin issuer also set a September launch date for Arc, its institutional blockchain network.

Circle Internet Group returned to profit in the second quarter as greater USDC adoption offset weaker returns on the reserves backing the stablecoin.

USDC circulation stood at $73.3 billion at quarter-end, 19% higher than a year earlier. Onchain transaction volume climbed 151% to $14.8 trillion, showing that each dollar of supply is moving more frequently.

Circle Payments Network also expanded. Its annualized transaction volume reached $14.7 billion at the end of the quarter, up 76% from the previous period. The network had enrolled 175 financial institutions.

“Our quarterly financial results reflect the current rate environment and a crypto market that has slowed. But near-term activity tells a different story. We have built the platform for the internet financial system. We’re only beginning to see what it unlocks,” CEO Jeremy Allaire said.

Circle plans to launch Arc’s public mainnet on Sept. 16. The blockchain will include privacy tools, infrastructure for AI agents and support for tokenized real-world assets.

More than 100 institutions and developers are already involved. Arc’s validator group includes Blackrock, BNY, Mastercard, Visa, Standard Chartered, Galaxy, DTCC, and Intercontinental Exchange.

Blackrock is expected to deploy its BUIDL tokenized Treasury fund on Arc. DTCC is also exploring the tokenization of assets held by its Depository Trust Company subsidiary.

Circle’s quarter shows a business still exposed to interest rates, but increasingly supported by transaction growth, institutional adoption and new network infrastructure. With Arc approaching launch and USDC activity rising faster than supply, the company’s next test is whether it can turn stablecoin scale into a broader, more durable financial platform.