Circle Internet Group (NYSE: CRCL) reported strong second quarter revenue growth, but a sizable net loss in the period was attributed to one-time IPO costs. USDC circulation soared 90% year-over-year, reaching $61.3 billion at the end of Q2 and further increasing to $65.2 billion by August 10th. This strong growth was reflected in a 53% jump in total revenue and reserve income, to $658 million, and a 52% increase in adjusted EBITDA to $126 million. However, despite this top-line momentum, Circle posted a net loss of $482 million, largely due to $591 million in non-cash IPO-related charges including $424 million in stock-based compensation and a $167 million increase in the fair value of convertible debt stemming from the rise in Circle’s share price. These expenses were offset by an active push into commercial traction, with USDC adoption increasing across the quarter. Key developments include the launch of Circle Payments Network (CPN), partnerships with Binance, Corpay, FIS, Fiserv, and OKX, and continued development on Arc, a new EVM-compatible Layer-1 blockchain designed for stablecoin finance. Circle anticipates USDC circulation will continue to grow at a 40% CAGR through the coming years, reaching an expected $65.2 billion by year-end. They also provided near-term targets for revenue, operational expenses, and adjusted operating income (RLDC) margin for fiscal year 2025.