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Circle says USDC onchain volume surged 151% in Q2
USDC onchain transaction volume hit $14.8 trillion in Q2, while Circle reported 18 cents per share and revenue and reserve income that fell short of consensus.
Circle reported that USDC onchain transaction volume rose to $14.8 trillion in the second quarter, up 151% from a year earlier, as the stablecoin continued to see faster activity across Circle-supported blockchains, according to Yahoo Finance.
The company said its earnings came in at 18 cents per share, above Wall Street estimates, but revenue and reserve income missed the consensus level of $717.5 million.
Circle attributed the difference between activity and earnings to how results are measured, noting that onchain transaction volume reflects the value of USDC transferred each time it moves, while revenue is driven by interest on reserve assets and related services tied to USDC backing and support.
Yahoo Finance also reported that while average USDC circulation increased 25%, a 66-basis-point decline in Circle's reserve return rate to 3.5% partially offset the impact on reserve income, with the stock largely flat after the release as investors weighed the beat against the revenue miss.