Circle Q1 revenue misses estimates despite USDC growth

Circle (CRCL) announced first-quarter revenue of $694 million, falling short of the market consensus of $721 million. Despite the revenue miss, the company reported accelerating network growth, with USDC circulation rising to $77 billion and on-chain transaction volume increasing by 263% year-over-year. Net income for the quarter was $55 million, a 15% decrease from the previous year, while adjusted EBITDA stood at $151 million.