Circle’s Reserve Income Rose 5.3% as USDC Circulation Grew in Q2

Circle’s reserve income grew more slowly than average USD Coin (USDC) circulation in the second quarter, as higher token balances were partly offset by lower returns on the assets backing the stablecoin. The company recorded $701.315 million in combined revenue and reserve income for the quarter ended June 30, up 6.6% from a year earlier. That total included $667.733 million in reserve income and $33.582 million in other revenue. Average daily USDC circulation increased 25.2% year over year. USDC in circulation stood at $73.3 billion at quarter’s end, up 19% from a year earlier.