Circle falls after mixed earnings as revenue misses expectations

Circle Internet Group (NYSE: CRCL) dropped close to 4% in early Wednesday trading after its second-quarter profit came in above Wall Street forecasts while revenue fell short.

Stablecoin demand also rose during the quarter as fresh conflict in the Middle East made crypto markets more volatile. Traders cut exposure to riskier tokens and parked more funds in dollar-linked assets.

Circle reported $701 million in combined sales and reserve earnings for the three months ended June, an increase of 7% from last year. Profit from continuing operations came to $48 million, compared with a loss-heavy period a year earlier.

Circle grows USDC usage while lower interest returns limit reserve earnings

The amount of USDC in circulation stood at $73.3 billion at the end of June, up 19% from the previous year. Average circulation during the quarter reached $76.5 billion, representing growth of 25%.

Activity on public blockchains rose much faster. USDC handled $14.8 trillion in on-chain transfers during the quarter, up 151% from last year.

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