Circle Internet Financial, the issuer of the USDC stablecoin, reported strong revenue figures in the second quarter following its initial public offering (IPO), with its newly listed stock CRCL rising 5% on Tuesday to close at $164. This surge is attributed to the recent passage of the GENIUS Act by the U.S. Congress and House of Representatives, which has spurred widespread interest in stablecoins and their applications in the financial sector.

USDC Circulation Increased by 90% Year-on-Year

Chief Financial Officer (CFO) Jeremy Fox-Geen stated that the company is experiencing a surge in institutional interest. He noted, "Since the IPO and the passage of the GENIUS Act, we have seen a significant acceleration in institutional interest, with major institutions joining in." As of June 30, the circulation of USDC surged by 90% compared to the same period last year, and Circle expects it to continue growing at a compound annual growth rate of 40%.

First Cryptocurrency Bill in the U.S. Introduced

Three weeks ago, U.S. President Donald Trump signed the first cryptocurrency bill in the U.S., aimed at establishing a new regulatory framework for cryptocurrencies pegged to the dollar. This has prompted major companies and U.S. banks to show strong interest in stablecoins, planning to incorporate them into their financial operations. Given the low cost and efficiency of stablecoin transactions, this could significantly improve related business processes.

USDC Gaining Attention in Cross-Border Remittances

CEO Jeremy Allaire stated that the USDC stablecoin is not only increasingly used in digital transactions but is also gaining widespread attention in cross-border remittances between individuals and businesses.

Revenue Growth of 53%, Exceeding Analyst Expectations

Circle reported a 53% year-on-year increase in annual revenue, reaching $658 million. According to Reuters, this growth is primarily due to increased interest income generated from cash reserves and short-term investments supporting the USDC stablecoin. Additionally, the company's subscription and service revenue also saw growth, surpassing the analyst expectations compiled by LSEG of $644.7 million. However, the company reported a net loss of $482 million, mainly due to non-cash expenses related to the IPO.

Launching Arc Blockchain, Focusing on Stablecoin Transactions

Circle announced plans to launch a public blockchain called Arc this fall, designed specifically for stablecoin transactions, as part of the company's strategy to develop digital payment technology infrastructure. Zacks Investment Research stock strategist David Bartosiak commented, "Circle is committed to becoming a pillar of the U.S. stablecoin market, and its strong reputation makes it a trusted participant in this emerging market."

Cautious Acquisition Strategy

Despite the rise in stock price, CEO Allaire stated that Circle maintains a cautious approach to acquisitions. He said, "We are careful and thoughtful; our strategy is not to expand our business lines through large-scale, complex acquisitions."

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