Circle’s Q1 revenue rises while net income falls

Circle reported first-quarter results on 11 May. USDC circulation stood at $77 billion at the quarter’s end, up 28% from a year earlier. Total revenue and reserve income rose 20% to $694 million. Net income from continuing operations fell 15% to $55 million.

Reserve income remained the largest component, at $653 million, while other revenue reached $42 million. Circle said a larger average USDC supply partly offset a lower reserve return rate. Distribution, transaction and other costs rose to $407 million, with operating spending also increasing. These figures explain why stablecoin circulation, gross income and bottom-line profit are different measures. The results are company-reported quarterly financial information, not a return forecast for USDC holders.