Circle 2Q revenue hits $701M as USDC circulation rises 19%

Circle reported second-quarter revenue and reserve income of $701 million, up 7% from a year earlier, while adjusted EBITDA rose 8% to $143 million. As of the end of the second quarter, USDC circulation stood at $73.3 billion, up 19% year over year, and quarterly on-chain volume increased 151% to $14.8 trillion. Circle also said it will launch the mainnet of Arc, its stablecoin-focused layer-one chain, on Sept. 16.