Circle's USDC circulation increased 90% year-on-year in Q2, with a net loss of $482 million.

The second quarter 2025 financial report shows that USDC circulation increased by 90% year-over-year to $61.3 billion, while total revenue and reserve income increased by 53% year-over-year to $658 million. A net loss of $482 million was impacted by non-cash expenses related to the IPO. Circle completed a $1.2 billion IPO, launched the Circle Payments Network, announced partnerships with Binance, OKX, and others, and plans to launch Arc, a layer-1 blockchain specifically designed for stablecoin finance.