Circle Hits $701M Q2 Revenue As USDC Volume Soars

Circle Internet Group bounced back into profitability in the second quarter. The company reported $701 million in revenue as usage of its flagship stablecoin grew significantly.

Transaction activity picked up in a big way. USDC transaction volume jumped by 151 percent to reach $14.8 trillion during the quarter. Higher adoption rates helped offset weaker returns elsewhere in the business, driving the firm back into the black.

Looking ahead, Circle plans to roll out its new institutional blockchain network called Arc this September. Market watchers will keep a close eye on this launch to see how it impacts adoption and network activity moving forward.