Circle Internet Group 3Q Revenue, Profit Surge As Stablecoin Adoption Grows
By Nicholas G. MillerCircle Internet Group reported higher third-quarter revenue and profit on the back of continued adoption of its stablecoin cryptocurrency USDC.The stablecoin company posted net income from continuing operations of $214.4 million, or 64 cents a share, up from net income from continuing operations of $71 million the year prior. Analysts expected 22 cents a share, according to FactSet.Revenue grew 66% to $739.8 million, beating Wall Street's forecast of $706.7 million.The company said there was $73.7 billion of USDC in circulation at the quarter's end, more than double the circulation from the previous year.Circle maintained its multi-year outlook for USDC in circulation of 40% compound annual growth. It increased its full-year guidance for its other revenue to $90 million to $100 million, up from its previous forecast of $75 million to $85 million.In August, the company reported a second-quarter loss of $482 million, largely due to charges related to its June initial public offering.Write to Nicholas G. Miller at [email protected].