USDC Surges to $65B with GENIUS Act and Arc Launch

Circle reported strong Q2 2025 performance. USDC circulation rose 90% year-on-year to $61.3 billion by June 30 and reached $65.2 billion by August 10. Revenue and reserve income increased 53% to $658 million, while adjusted EBITDA climbed 52% to $126 million. Net loss widened to $482 million, driven by a $591 million non-cash IPO expense. The launch of the Circle Payments Network has onboarded over 100 institutions, enhancing cross-border payments. Circle also introduced Arc, a layer-1 blockchain that uses USDC as its native gas token. Partnerships with Binance, OKX, FIS and Fiserv further cement Circle’s market reach. Active USDC wallets holding more than $10 expanded by 68% to 5.7 million. On-chain USDC transaction volume surged to $5.9 trillion, a 5.4-fold increase from last year. As the second-largest stablecoin, USDC benefits from the US GENIUS Act, which mandates backing with cash or short-term government securities, boosting institutional confidence. Looking ahead, Circle aims to expand market share and drive real-world adoption of Arc and the Payments Network.