8/12/2025, 3:57:29 PM | PYMNTS.com | news

Circle’s USDC Volume Hits $5.9 Trillion as It Moves to Lock in Lead

Circle, the only publicly listed U.S. stablecoin company, reported strong growth in Q2 2025, with USDC circulation rising 90% year over year to $61.3 billion and transaction volume reaching $5.9 trillion, a 5.4x increase from the prior year. The company achieved a 28% share of the fiat-backed stablecoin market, up from previous levels. Key developments include the launch of the Circle Payments Network (CPN) with cross-border corridors in Hong Kong, Brazil, Mexico, and Nigeria, and the unveiling of Circle Gateway for instant cross-chain liquidity. Circle also introduced Arc, an open Layer-1 blockchain designed for stablecoin finance, with a public testnet expected in fall 2025. Strategic partnerships with Binance, OKX, Corpay, FIS, and Fiserv have expanded USDC’s role in payments, foreign exchange, and banking. The GENIUS Act, signed by President Trump on July 18, established a federal regulatory framework for payment stablecoins, confirming that regulated issuers like Circle are not issuing securities and requiring 1:1 reserves in cash and short-duration Treasurys. Circle’s Q2 revenue reached $658 million, with reserve income up 53% year over year to $634 million and other revenue increasing 252% to $24 million. CEO Jeremy Allaire described the quarter as a 'pivotal moment' for stablecoin adoption and the company’s platform growth.