Business
Circle reports revenue growth as stablecoin demand rises
USDC circulation jumps amid market volatility and Regulatory shifts
Circle reported higher quarterly revenue and reserve income on Monday, driven by increased adoption and circulation of its stablecoin.
Market volatility and the Middle East conflict pushed investors to rotate out of cryptocurrencies and into stablecoins earlier this year to park capital.
The rollout of Europe’s MiCA framework and the passage of the U.S. GENIUS Act steered users toward regulated digital assets, boosting the adoption of USDC, Circle’s flagship stablecoin and the world’s second-largest by market value after Tether.
Circulation of USDC rose 28% year-on-year to $77 billion at the end of the first quarter, while total revenue and reserve income increased 20% to $694 million.