A banner for Circle Internet Group, the issuer of one of the world’s biggest stablecoins, hangs on the front of the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York City, U.S., June 5, 2025.
Brendan McDermid | Reuters
Circle Internet Group shares jumped Tuesday after reporting its first quarterly earnings as a publicly listed company.
The stablecoin issuer reported a 53% increase in revenue, which rose to $658.1 million in the second quarter from $430 million in the same period a year ago, driven by strong growth in stablecoins.
Shares of the stock rose more than 7% in premarket trading.
Circle also said it swung to a net loss of $482.1 million, or $4.48 a share, from earnings of $32.9 million, or breakeven per share, a year ago. The net loss included non-cash IPO-related charges of $424 million for stock-based compensation and $167 million to adjust the fair value of its convertible debt.
Circle, led by CEO Jeremy Allaire, is one of the earliest companies in the crypto industry and the issuer of USD Coin, commonly referred to by its ticker, USDC. It’s the second largest stablecoin in the world, making up about 26% of the dollar-backed stablecoin market, behind Tether’s USDT, which makes up about 67%, according to CryptoQuant.
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