Circle Internet Group (CRCL) investor relations material

Executive summary

• USDC in circulation surged 90% year-over-year to $61.3B at Q2 end, reaching $65.2B by August 10, with market share rising to 28%.

• Total revenue and reserve income rose 53% year-over-year to $658M, driven by USDC growth, but net loss was $482M due to $424M in IPO-triggered stock-based compensation and $167M from convertible debt revaluation.

• Completed a $1.2B IPO in June 2025, raising $583M in net proceeds and converting all preferred stock to common stock.

• Launched new products including Circle Payments Network, Circle Gateway, and announced ARC, a new Layer 1 blockchain using USDC as native gas.

• Expanded partnerships with major exchanges (Binance, OKX), payment firms, and infrastructure providers (Fiserv, FIS, Corpay, MoneyGram, Zeps).

Financial highlights

• Reserve income increased 50% year-over-year to $634M, mainly from 86% growth in average USDC in circulation.

• Other revenue grew 252% year-over-year to $24M, led by blockchain network partnerships and services.

• Distribution, transaction, and other costs rose 64% year-over-year to $407M, mainly due to higher payments to partners and new partnerships.

• Adjusted EBITDA reached $126M, up 52% year-over-year, with margin at 50% for Q2 2025.

• Cash and equivalents (including segregated for stablecoins) totaled $63.1B at June 30, 2025.

Outlook and guidance

• Management projects USDC in circulation to grow at a 40% CAGR over the multi-year cycle, with third-party research median at 60%.

• FY 2025 guidance: other revenue of $75–$85M, RLDC margin of 36–38%, and adjusted operating expenses of $475–$490M.

• No short-term quarterly guidance; full-year guidance provided for key metrics.

• Anticipates further revenue diversification from developer services, tokenized funds, and liquidity services.

• Interest rate changes and regulatory developments (GENIUS Act) remain key variables for future operations.