Circle Internet Group, Inc. published its financial results for Q2 2025, showing significant growth in key areas despite a net loss.
Q2 2025 Results
Circle Internet Group, Inc. reported a robust performance in Q2 2025, marking substantial growth in USDC circulation and revenue. USDC circulation increased by 90% year-over-year, reaching $61.3 billion by the end of the quarter. In August, USDC circulation further rose to $65.2 billion. Total revenue and reserve income surged by 53% year-over-year to $658 million, surpassing market expectations of $645.35 million.
Despite these impressive figures, Circle reported a net loss of $482 million, significantly impacted by non-cash charges related to its IPO amounting to $591 million, which included $424 million in stock-based compensation and a $167 million increase in the fair value of convertible debt due to a rise in Circle's share price. However, adjusted EBITDA grew by 52% year-over-year to $126 million.
Growth Forecast for USDC
Circle Internet Group remains optimistic about its growth trajectory, providing guidance for several key performance indicators. The company projects a multi-year compound annual growth rate of 40% for USDC circulation. For the fiscal year 2025, Circle expects other revenue to range between $75 million and $85 million, with a Revenue Less Distribution Costs (RLDC) Margin projected to be between 36% and 38%.
Company's Strategic Initiatives
Strategic initiatives such as the launch of the Circle Payments Network and the introduction of Arc, an open Layer-1 blockchain, are expected to drive future growth. The Circle Payments Network, launched in May, has already established four active payment corridors and plans to further expand in the second half of 2025. Arc is designed to provide a robust foundation for stablecoin payments and capital markets applications, enhancing Circle's product offerings and market reach.
Circle Internet Group demonstrates impressive results contrary to market expectations, indicating the company's strength and potential for further growth in the future.
