盘前大涨超6%！业绩超预期！“稳定币第一股”Circle二季度收入同比大增53%，USDC流通量同比激增90%

Core Viewpoint - Circle reported a net loss of $482 million in Q2, primarily due to significant non-cash IPO expenses, while USDC circulation experienced rapid growth, reaching $61.3 billion, a year-on-year increase of 90% [1][5][8]. Financial Performance - Total revenue and reserve income increased by 53% year-on-year to $658 million, driven by the substantial growth in USDC circulation [5][7]. - Net loss of $482 million was heavily influenced by $591 million in non-cash expenses, including $424 million in stock-based compensation [8][10]. - Adjusted EBITDA rose by 52% to $126 million, exceeding market expectations, indicating stable core business profitability [5][10]. Core Business Progress - USDC circulation reached $61.3 billion at the end of the quarter, with an average circulation of $61 billion, marking an 86% year-on-year increase [7][11]. - The number of meaningful wallets increased by 68% to 5.7 million, reflecting a growing user base [11]. - Reserve income grew by 50% to $634 million, although the reserve return rate decreased by 103 basis points to 4.1%, indicating the impact of changing interest rates on profitability [11]. Distribution Costs - Distribution costs surged by 64% year-on-year to $407 million, outpacing revenue growth and leading to a decline in RLDC margin from 42% to 38% [9][12]. - Management attributed this increase to the growth in USDC circulation and new distribution agreements with strategic partners like Coinbase [13]. Market Share and Competitive Landscape - Circle's stablecoin market share reached 28%, an increase of 595 basis points year-on-year [9][11]. - The company faces intensified competition in the yield-bearing digital asset space and acknowledges potential risks such as stablecoin runs and regulatory changes [15]. Regulatory Environment - The signing of the GENIUS Act establishes a federal regulatory framework for payment stablecoins, which is a significant advantage for Circle's long-term compliance status [15]. - Management remains optimistic about future growth, projecting a compound annual growth rate of 40% for USDC circulation and providing guidance for other revenues in FY2025 of $7.5 to $8.5 million [6][15].