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Circle Internet Group (NYSE:CRCL) reported first-quarter results that fell short of analyst revenue expectations but beat on earnings, highlighting rapid growth in USDC transaction activity and the launch of new services aimed at AI agents. For the quarter ended March 31, Circle posted revenue of $694.13 million, up 20% year over year but below the $714.88 million analysts had anticipated. Earnings per share were $0.21, compared with an estimated $0.18.
Despite the headline revenue miss, Circle pointed to strong momentum in its core stablecoin business. USDC in circulation reached $77 billion, up 28% year over year. Onchain transaction volume processed in USDC surged to $21.5 trillion, a 263% increase from the prior-year period. USDC accounted for 63% of stablecoin transaction volumes during the quarter.
Circle’s reserve income, the primary driver of its business model, rose 17% to $653 million. Revenue less distribution costs increased 24% to $287 million, producing a 41% margin. Adjusted EBITDA climbed 24% to $151 million.
Circle also emphasized its strategy at the intersection of AI platforms and “economic operating systems.” CEO Jeremy Allaire said the company raised $222 million in a presale of its ARC token at a $3 billion fully diluted network valuation.
The company launched Circle Agent Stack, a suite of services designed to enable AI agents to transact using USDC.
For the full year, Circle guided for other revenue of $150 million to $170 million and adjusted operating expenses of $570 million to $585 million. The company projected a revenue less distribution costs margin of 38% to 40% and forecast USDC in circulation to grow at a 40% compound annual rate through the cycle.
Circle shares rose over 12% in Monday morning trading.
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