Circle's USDC Growth, Expanding Partnerships Propel Stock Higher

Circle Internet Group (NYSE:CRCL) stock gained after it reported second-quarter results on Tuesday. The company reported a quarterly revenue growth of 53% year-over-year (Y/Y) to $658.08 million, topping the analyst consensus estimate of $540.02 million.

The quarterly adjusted EPS loss of 43 cents beat the analyst consensus estimate of 46 cents.

Reserve income increased 50% Y/Y to $634 million, primarily from the 86% growth in average USDC in circulation, partially offset by a 103 bps decline in the reserve return rate.

Also Read: Circle Announces Stablecoin Payment Blockchain Arc

Other revenue increased ...