Circle reported $701 million in revenue for the second quarter of 2024, marking a return to profitability. The stablecoin issuer also said USDC transaction volume hit $14.8 trillion, up 151% from the prior quarter. Separately, Circle confirmed a September 2024 launch date for its institutional blockchain network, Arc.
Revenue and profit rebound
The $701 million in Q2 revenue comes after a period of tighter margins for the company. Circle didn't break out net income, but said it returned to profit in the quarter. The growth was driven largely by USDC's expanding use in payments, trading, and DeFi. The stablecoin's market cap has also climbed this year, though Circle didn't disclose updated figures in the release.
USDC volume jumps
USDC transaction volume hit $14.8 trillion in Q2, a 151% increase from the previous quarter. That's a sharp acceleration from the first quarter's pace. Circle attributed the jump to higher on-chain activity and broader adoption of the stablecoin across multiple blockchains. The company now processes more than $160 billion in monthly USDC transfers, according to its own data.
Arc launch in September
Circle set a September 2024 launch date for Arc, its institutional blockchain network. The platform is designed to let large financial institutions settle transactions using USDC and other assets. Circle has been testing Arc with a handful of partners and plans a wider rollout next month. The timing puts Circle in direct competition with other institutional settlement networks, though the company says Arc's focus on stablecoin-native payments gives it an edge.
Arc's launch will be Circle's biggest product release since USDC itself. The company has been building out its infrastructure for institutional clients, and Arc is the centerpiece of that push. Whether it gains traction will depend on how many banks and trading firms sign on in the first few months.
