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Circle Reports $694 Million Q1 Revenue as USDC Circulation Reaches $77 Billion

The stablecoin issuer said first-quarter revenue and reserve income totaled $694 million, while cumulative onchain transaction volume reached $21.5 trillion.

Summary

Circle said its first-quarter revenue and reserve income came to $694 million. The company also reported USDC circulation of $77 billion and cumulative onchain transaction volume of $21.5 trillion. The figures highlight the scale of USDC, a U.S. dollar-pegged stablecoin, and show how reserve income remains a core part of the business model for major stablecoin issuers, which typically earn revenue from assets backing tokens in circulation.

Terms & Concepts
  • USDC: A stablecoin pegged to the U.S. dollar, designed to maintain a steady value and commonly used for crypto trading, payments, and transfers.
  • Stablecoin: A type of cryptocurrency designed to track a stable asset, usually a fiat currency such as the U.S. dollar.
  • Onchain transaction volume: The total value of transactions recorded directly on a blockchain network, offering a measure of network usage and asset movement.