Circle Internet Group, Inc. (NYSE:CRCL) today announced results for the second quarter of fiscal year 2025.

In June, the company completed its $1.2 billion initial public offering. Of the total offering of 39.1 million shares, Circle sold 19.9 million newly issued primary shares of Class A common stock at a price of $31 per share, which resulted in net proceeds of $583 million after deducting underwriting discounts and commissions and before deducting offering costs of $12.8 million.

Net Loss for the second quarter of 2025 was $482 million largely reflecting two non-cash impacts that totaled $591 million – $424 million for stock-based compensation related to vesting conditions met by Circle’s IPO and $167 million due to the increase in the fair value of Circle’s convertible debt caused by the increase in its share price.

Reserve Income increased 50% year-over-year 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.

Other Revenue increased 252% year-over-year to $24 million as Subscription and Services Revenue and Transaction Revenue grew strongly.

Total Distribution, Transaction and Other Costs increased 64% year-over-year to $407 million, primarily from increased distribution payments reflecting higher USDC circulation balances and growth in Coinbase’s on-platform holdings of USDC, as well as distribution payments arising from new strategic partnerships.

Operating Expenses were $577 million in the quarter, including $424 million in stock-based compensation expenses related to the vesting of RSUs in connection with Circle’s successful IPO.

Adjusted EBITDA grew 52% year-over-year to $126 million reflecting the ongoing growth of USDC in circulation and Circle’s inherent operating leverage.

Jeremy Allaire, Co-Founder, Chief Executive Officer and Chairman at Circle, commented:

“I’m proud of Circle’s performance in the second quarter, our first as a public company, where we demonstrated sustained growth and adoption of our platform across a multitude of use cases and with a diverse set of industry-defining partners.

Circle’s successful IPO in June marked a pivotal moment—not just for our company, but for the broader adoption of stablecoins and the growth of the new internet financial system. This is an extraordinary moment for our company and industry, and we are seeing accelerating interest in building on stablecoins and partnering with Circle across every significant sector of the financial industry, with major internet companies and commercial engagement all around the world.”