当地时间周二，"稳定币第一股"Circle发布了上市后的首份财报。 二季度，Circle的营收同比大增53%，调整后EBITDA同比增长52%，二者均超预期。 受此利好刺激，Circle在美股盘前交易中上涨超14%。 盈利能力优秀 具体来看，Circle二季度的营收达到6.58亿美元，同比增长53%，高于分析师预期的6.47亿美元。 这主要得益于USDC的流通量达到613亿美元，同比增长90%。 当季净亏损扩大为4.82亿美元，去年同期为-3290万美元，每股净亏损4.48美元。 如此大幅的亏损主要受IPO相关费用影响，包括4.24亿美元的IPO股权激励费用、1.67亿美元因股价上涨带来的可转换债券公允价值调整。 Circle的调整后息税折旧摊销前利润（EBITDA）表现良好，同比增长52%至1.26亿美元，超过预期的1.21亿美元。 据悉，Circle的大部分收入来自美国国债和其他收益型工具，这些工具支撑着其稳定币USDC的价值。 此外，Circle还需要将很大一部分收益返还给Coinbase等分销合作伙伴。 展望未来，Circle计划继续实现收入多元化，目标是在2025年实现7500万-8500万美元的其 ...

Financial Data and Key Metrics Changes - USDC in circulation grew to $61.3 billion at June 30, representing a 90% year-over-year increase, and reached $65.2 billion by August 10, marking a 6.4% increase since quarter-end [7][28] - Total revenue and reserve income increased by 53% year-over-year to $658 million in Q2, while total distribution transaction and other costs rose by 64% year-over-year to $407 million [28][29] - Adjusted EBITDA was $126 million in the quarter, up 52% year-over-year, resulting in a 50% adjusted EBITDA margin [30] Business Line Data and Key Metrics Changes - USDC on-chain transaction volume grew 5.4 times year-over-year to nearly $6 trillion, with $2.4 trillion in transactions recorded in July alone [7][27] - CCTP volume also showed significant growth, up 4.1 times year-over-year, indicating the importance of blockchain interoperability [27] - Other revenue increased to $24 million in Q2, up 3.5 times year-over-year, primarily driven by a $13 million increase in subscription and services revenue [29] Market Data and Key Metrics Changes - The total addressable market for stablecoins is considered massive, with dollar stablecoins representing only 1% of the U.S. M2 money supply [9] - The company operates the largest regulated stablecoin network globally, with significant growth driven by partnerships with major financial institutions and technology companies [11][22] Company Strategy and Development Direction - The company aims to build the largest stablecoin network, leveraging its platform to support developers, enterprises, and institutions [24] - The launch of the Circle Payments Network (CPN) is a key initiative to transform international money movement, with active payment corridors already established in several countries [13][58] - The introduction of ARC, a new Layer 1 blockchain, is designed to support stablecoin finance and enhance transaction efficiency [15][93] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid expansion of commercial opportunities post-IPO and the positive impact of the Genius Act on stablecoin adoption [12][99] - The company anticipates a conservative multi-year growth rate of 40% CAGR for USDC, reflecting the increasing demand for stablecoins across various sectors [31][108] - Management emphasized the importance of building strong partnerships and the need for financial institutions to integrate new technologies, which may take time [100] Other Important Information - The company has committed to corporate impact by reserving shares for future donations to its foundation [9] - The regulatory environment is seen as a significant tailwind for the company's growth, particularly with the passage of the Genius Act [12][100] Q&A Session Summary Question: Thoughts on ARC and its revenue model - Management expressed excitement about ARC and its potential to underpin stablecoin finance, with gas fees in USDC expected to become a revenue source [35][39] Question: Details on USYC and partnership with Binance - The expanded partnership with Binance includes deeper integration of Circle's wallet technology and aims to promote USDC and USYC as yield-bearing collateral [40][44] Question: Understanding transaction volume versus circulation - Management explained that the high velocity of USDC transactions reflects improvements in blockchain technology and growing payment utility [50][53] Question: Milestones for CPN and its relationship with ARC - The focus is on activating more payment corridors and developing self-service tools for institutions to integrate with CPN [58][60] Question: Payment networks and competition - Management views USDC as a market-neutral infrastructure that supports various payment networks, emphasizing the importance of growing utility and distribution [64][66] Question: Adoption of USDC in remittance - The company is seeing increasing demand for USDC in remittance, with partnerships expanding in both consumer and B2B segments [78][80] Question: Partnership with OKX - The partnership with OKX aims to enhance liquidity and promote USDC to a large user base, contributing to the growth of the network [82][86] Question: Distribution and gas fees for ARC - Management discussed the goal of having a distributed network of professional validators for ARC, ensuring low and predictable transaction costs [90][92] Question: Impact of the Genius Act on growth - Management noted a significant increase in institutional interest post-Genius Act, which is expected to drive further adoption of USDC [95][100]

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].

智通财经APP获悉，在完成近年来最引人注目的公开上市仅两个月后，稳定币发行商Circle(CRCL.US) 第二季度出现亏损，同时营收超出预期。截至发稿，该公司股价在盘前交易中上涨约7%，涨至约172美 元，其IPO发行价为31美元。 公司表示，总分销、交易和其他成本同比增长64%至4.07亿美元，主要源于USDC流通余额增加和 Coinbase平台持有USDC增长带来的分销支付增加，以及新战略合作伙伴关系产生的分销费用。 为促进增长，Circle于6月宣布计划在美国创建全国性信托银行。若获批，由联合创始人兼首席执行官杰 里米·阿莱尔领导的Circle将能够自行管理储备金，并可能通过备受追捧的美联储主账户直接接入美国支 付系统。 Circle表示，4.82亿美元的净亏损(合每股4.48美元)主要受到IPO相关非现金费用的重大影响。去年同期 公司实现净利润约3200万美元。营收增长53%至6.58亿美元，超过彭博调查分析师平均预期的6.473亿美 元。 该公司还宣布推出Arc——专为稳定币金融打造的开源Layer 1区块链，从而构建自主的全栈平台。 这家稳定币发行商第二季度经调整的息税折旧摊销前利润为1.26亿 ...

（编辑 王雪儿） 证券日报网讯 四方精创8月12日在互动平台回答投资者提问时表示，公司关注到香港《稳定币条例》及 相关细则逐步落地，将积极争取相关的业务机会。市场股价变动受多方面因素影响，敬请注意投资风 险。 ...

Group 1 - Major index futures show mixed performance with Dow futures up 0.11%, S&P 500 futures down 0.26%, and Nasdaq futures up 0.03% [1] - Lithium stocks are experiencing pre-market gains, with Lithium Americas up nearly 9%, SQM up 6%, and SIGMA LITHIUM up 14% [1] - Tesla has launched the Model 3 long-range rear-wheel drive version with a range of 830 kilometers (CLTC) and a 0-100 km/h acceleration time of 5.2 seconds [1] Group 2 - Elon Musk announced that his company xAI will take legal action against Apple, alleging anti-competitive behavior that restricts other AI companies from ranking high in the app store [1] - An Australian Federal Court ruled that Apple and Google have engaged in illegal conduct by abusing their market dominance in operating app stores, potentially allowing consumers and app developers to seek compensation [1] Group 3 - Circle, a stablecoin issuer, is set to release its first earnings report since its IPO in June, with its stock price rising over 400% from the IPO price of $31 to $161.17 [2] - The U.S. spot Ethereum ETF saw a record single-day net inflow of $10.1 billion, with BlackRock's ETF leading at $6.4 billion and Fidelity's ETF following with $2.77 billion [2] - The U.S. Consumer Price Index (CPI) report for July will be released, marking the first report since the dismissal of the BLS director [2]

Group 1 - Dow futures rose by 0.11%, S&P 500 futures fell by 0.26%, and Nasdaq futures increased by 0.03% [1] - Lithium stocks saw pre-market gains, with Lithium Americas up nearly 9%, SQM up 6%, and SIGMA LITHIUM up 14% [1] - Tesla announced the launch of the Model 3 Long Range Rear-Wheel Drive version with a range of 830 kilometers (CLTC) and a 0-100 km/h acceleration time of 5.2 seconds [1] Group 2 - Elon Musk stated that his company xAI will take legal action against Apple for alleged antitrust violations related to app store rankings [1] - An Australian Federal Court ruled that Apple and Google engaged in illegal conduct by abusing their market dominance in operating app stores, allowing consumers and app developers to seek compensation [1] Group 3 - Circle, a stablecoin issuer, is set to release its first earnings report since its IPO in June, with its stock price rising over 400% to $161.17 from an IPO price of $31 [2] - The U.S. spot Ethereum ETF saw a record single-day net inflow of $10.1 billion, with BlackRock's ETF leading at $6.4 billion and Fidelity's ETF following at $2.77 billion [2] - The U.S. Consumer Price Index (CPI) report for July will be released, marking the first report since the dismissal of the Bureau of Labor Statistics director [2]

格隆汇8月12日｜"稳定币第一股"Circle(CRCL.US)盘前直线拉升，一度涨超8%。业绩面上，Circle第二 季度营收6.58亿美元，同比增长53%；净亏损为4.82亿美元。 ...

Core Insights - Circle Internet Group, known as the "first stock of stablecoins," reported total revenue and reserve income of $658 million in Q2, representing a year-over-year increase of 53% [1] - The company recorded a net loss from continuing operations of $482 million [1] - Adjusted EBITDA was reported at $126 million, exceeding market expectations of $121.1 million [1] - The company anticipates a profit margin of 36% to 38% for the full year, excluding distribution costs [1]

BOSS Wallet 8月12日讯，全球资产管理巨头贝莱德宣布斥资120.65亿美元大规模增持以太坊，这一重磅消息为去 中心化交易所（DEX）市场注入强劲动力。与此同时，美联储降息预期持续升温，为数字资产市场创造更加宽松 的投资环境。 贝莱德重金布局以太坊，机构资金加速入场 图片来源：BOSS Wallet 美联储政策转向助推加密市场，DEX交易量创新高 BOSS Wallet报道，摩根大通资产管理公司警告美联储可能采取"危险逻辑"实施先发制人的降息政策。尽管这种做 法可能加剧通胀风险，但对于数字资产市场而言，宽松的货币政策环境通常意味着更多流动性注入。 据BOSS钱包APP数据显示，贝莱德此次120.65亿美元的以太坊配置决策，标志着传统金融机构对去中心化生态系 统信心的显著提升。这一举措不仅推动以太坊价格稳定在4322美元水平，更为整个dex交易平台生态带来前所未有 的发展机遇。 专业分析人士指出，贝莱德作为全球最大的资产管理公司，其投资决策往往具有风向标意义。此次大手笔布局以 太坊，反映出机构投资者对去中心化金融（DeFi）基础设施长期价值的深度认可。 XBIT去中心化交易所平台凭借其无需身份验证、无 ...