Circle, the USDC stablecoin issuer, reported second-quarter revenue of $701 million, up 7% year over year but below analyst estimates ranging from $712 million to $718 million. Adjusted earnings per share of 18 cents beat the 16 cents consensus, and net income from continuing operations came in at $48 million. The reserve return rate dropped 66 basis points year over year, limiting reserve income growth to $668 million despite a 19% increase in USDC circulation to $73.3 billion. Circle shares fell roughly 3% in premarket trading, erasing an earlier gain that followed the profit beat announcement.
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