Circle's quarterly earnings benefit from stablecoin safety during volatile period

Circle

Circle

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May 11 (Reuters) - Circle CRCL.N on Monday reported higher quarterly revenue and reserve income, driven by increased adoption and circulation of its stablecoin.

Market volatility and the Middle East conflict pushed investors to rotate out of cryptocurrencies and into stablecoins earlier this year to park capital.

The rollout of Europe's MiCA framework and the passing of the U.S. GENIUS Act steered users toward regulated digital assets, boosting the adoption of USDC, Circle's flagship stablecoin and the world's second-largest by market value after Tether.

Circulation of USDC rose 28% from a year earlier to $77 billion at the end of the first quarter. Total revenue and reserve income grew 20% to $694 million.


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