Circle Internet Group, Inc. (NASDAQ:CRCL) posted stand-out second-quarter financial results on Tuesday in its first earnings report as a publicly traded company.
- CRCL stock climbs after Q2 earnings. See the chart here.
The Surge Of USDC: A Game Changer
On the company's earnings call with investors and analysts, CEO Jeremy Allaire highlighted the growth of Circle's USDC (CRYPTO: USDC) stablecoin to $61.3 billion in circulation as of June 30.
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He said that growth had accelerated further in Q3 to $65.2 billion as of Aug. 10, representing approximately 90% year-over-year growth.
On-chain USDC transactions also accelerated, the CEO told investors.
"In Q2, USDC on-chain transaction volume grew 5.4x year over year to nearly $6 trillion. Our transaction volumes have also accelerated into Q3 with $2.4 trillion in transactions in July alone," Allaire said.
Mainstream Adoption
Allaire presented the on-chain volume as evidence of network-scale demand for stablecoin-based finance across industries.
He coupled that demand picture with two infrastructure launches: the Circle Payments Network and Arc, a new blockchain designed for stablecoin finance with a simplified, predictable fee model for institutions.
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"We are at the fulcrum of a massive mainstream embrace of stablecoins in the financial system, and firms are racing to build on this infrastructure. But until now, the blockchain infrastructure needed to meet the most intense demands of major financial firms and enterprises has simply not existed. We are delivering that infrastructure with Arc," Allaire stated on the call.
The CEO essentially said that product maturity, enterprise demand and a friendlier policy backdrop have arrived at once and Circle is building not just the coin, but the rails to carry it.
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