Circle, the issuer of the USD Coin (USDC) stablecoin, has released its Q2 2025 financial results, marking its first report since going public. The company showcased significant growth in USDC circulation, which reached $61.3 billion by the end of Q2, a substantial 90% year-over-year increase. This figure continued to grow in August, reaching $65.2 billion. Circle’s financial performance was strong: revenue and adjusted EBITDA both increased by 53% and 52% respectively during the quarter. However, Circle reported a net loss of $482 million primarily due to non-cash expenses related to the initial public offering (IPO). This includes stock-based compensation totaling $424 million and an increase in the fair value of convertible debt due to rising share prices, accounting for $167 million. Despite this, Circle’s CEO Jeremy Allaire expressed confidence, highlighting the company’s sustained growth and adoption across various use cases and partnerships. This IPO success is seen as a turning point for stablecoin adoption, particularly by Arthur Hayes, co-founder of BitMEX, who described it as a sign of “stablecoin mania”. Circle’s Q2 highlights included an impressive $1.2 billion IPO with over 39 million shares sold, generating net proceeds of $583 million after underwriting expenses. Circle launched its Payments Network in May, attracting over 100 financial institutions, and introduced Arc, a blockchain designed for stablecoin-based financial services, using USDC as its native gas token. Circle also expanded partnerships with key industry players like Binance, Corpay, FIS, Fiserv, OKX, and others to further grow the use of USDC across banking, payments, and crypto services. Additionally, Circle’s success in securing a federal regulation for payment stablecoins through President Trump’s GENIUS Act reinforced its leadership in the industry.